Form 8-K - Current report

false 0001722010 0001722010 2024-08-23 2024-08-23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 23, 2024

 

 

OP BANCORP

(Exact name of registrant as specified in its charter)

 

 

 

California		000-38437		81-3114676
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

1000 Wilshire Suite 500, Los Angeles, California		90017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: [phone]

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, No Par Value		OPBK		Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

 

 

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ITEM 5.02

Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

On August 23, 2024, OP Bancorp (the “Company”), the holding company for Open Bank (the “Bank”) issued a press release announcing certain matters relating to the planned retirement of its Chairman of the Board, Brian Choi; the expected retirement of its President and Chief Executive Officer, Min Kim, and Ms. Kim’s succession to Mr. Choi as Chair of the Board; and the selection of current Chief Credit Officer Sang Oh to succeed Ms. Kim as President and Chief Executive Officer. These retirements and the related succession plans are expected to begin at the date of the Company’s 2025 Annual Meeting of Shareholders and will be concluded not later than June 30, 2025. In connection therewith, Mr. Choi will not stand for reelection to the Board of Directors, and Mr. Oh will be nominated to fill the vacancy created by Mr. Choi’s retirement. A copy of the press release describing these events and providing additional information is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

99.1		Press release, dated August 23, 2024, of OP Bancorp
104		Cover Page Interactive Data File (embedded within XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 23, 2024

 

OP Bancorp
By:		/s/ Christine Oh
		Christine Oh
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

Exhibit 99.1

 

OP BANCORP ANNOUNCES LEADERSHIP SUCCESSION PLANS

Retirement of Chief Executive Officer; Designation of Chairman Emeritus; Executive Officer and Director Appointments

LOS ANGELES, August 23, 2024 — OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today announces a number of expected personnel changes associated with the successful implementation of its leadership succession plan. These changes are to commence immediately and will be completed no later than June 30, 2025. Chief Executive Officer Min Kim has announced her retirement after more than forty years as a banking executive and nearly fifteen years as the President and CEO of the Company and the Bank. Ms. Kim’s retirement will be effective as of June 30, 2025. She will continue to serve as a director of the Company and the Bank and, following the Company’s Annual Meeting of Shareholders scheduled to occur in June 2025, she will become the Chair of the Board. In that role, Ms. Kim will succeed retiring Chairman Brian Choi, who will not stand for reelection to the Board at the 2025 Annual Meeting and who will assume the role of Chairman Emeritus.

Succeeding to Ms. Kim as Chief Executive Officer will be Sang K. Oh, age 52. Mr. Oh has served as Executive Vice President and Chief Credit Officer of the Company and the Bank since October 2020. Before joining the Bank, Mr. Oh had more than 26 years of banking experience, all with Bank of Hope, Los Angeles, California. His previous roles included service as Senior Vice President and Senior Credit Administrator at Bank of Hope from 2007 to 2020, and serving in a various other lending positions. Mr. Oh has a Bachelor of Arts in Business Economics with a Minor in Accounting from the University of California, Los Angeles, and is a graduate of Pacific Coast Banking School.

Mr. Choi expressed the Board’s gratitude for Ms. Kim’s service as CEO and congratulated her on her retirement, saying, “We are delighted to recognize Min’s tremendous leadership over the past fifteen years, and equally excited that we will be able to retain her in a key leadership role as she succeeds me as non-executive Chair of the Board. We believe that the Company’s future is brighter than ever as we have begun to implement a well-considered plan to provide exceptional leadership for our organization well into the future.” Ms. Kim likewise expressed enthusiasm about the plan, noting that “Sang was the perfect candidate to succeed me as I retire, and I’m very pleased to have the opportunity for a gradual transition over the coming months. He has an extraordinary background in credit, is well respected by our employees and our Board of Directors, and has the vision, insight and relationships necessary to continue growing the Open Bank franchise throughout our communities.”

 

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ABOUT OP BANCORP

OP Bancorp, the holding company for Open Bank, is a California corporation whose common stock is quoted on the Nasdaq Global Market under the symbol “OPBK.” The Bank is engaged in the general commercial banking business focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. The Bank currently operates eleven full-service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, and Santa Clara, California, and in Carrollton, Texas and Las Vegas, Nevada. The Bank also has four loan production offices in Pleasanton, California, Atlanta, Georgia, Aurora, Colorado, and Lynnwood, Washington. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Our headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone [phone]; www.myopenbank.com.

Cautionary Note Regarding Forward-Looking Statements

Certain matters set forth herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations relating to our leadership succession plans. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to, factors that affect the timing and effectiveness of the changes in leadership positions described in this release. Readers should note that the statements in this release reflect the current plans and expectations of our executive management and Board of Directors based on currently available information. Those statements are not assurances that we will not deviate from the stated plans and expectations, particularly if changes occur in the economy or the banking environment in general, or in factors that are specific to one or more of our markets. A more comprehensive list of the factors that affect our business can be under Item 1A. “Risk Factors,” of our latest Annual Report on Form 10-K for the year ended December 31, 2023, and in our other subsequent filings with the Securities and Exchange Commission. Readers should consider those factors carefully in making investment decisions about our common stock.

Contact

Investor Relations

OP Bancorp

Christine Oh

EVP & CFO

213.892.1192

[e-mail]

 

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Document and Entity Information	Aug. 23, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001722010
Document Type	8-K
Document Period End Date	Aug. 23, 2024
Entity Registrant Name	OP BANCORP
Entity Incorporation State Country Code	CA
Entity File Number	000-38437
Entity Tax Identification Number	81-3114676
Entity Address, Address Line One	1000 Wilshire
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90017
City Area Code	(213)
Local Phone Number	892-9999
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, No Par Value
Trading Symbol	OPBK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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