Op bancorp and open bank complete formation of bank holding company
reorganization
Los angeles--(business wire)--open bank announced that it has completed its reorganization resulting in a bank holding company structure. as a result of the reorganization, op bancorp is the parent bank holding company and open bank is the wholly owned bank subsidy of op bancorp. on the effective date of the reorganization each shareholder of open bank became a shareholder of op bancorp on a share for share basis. the board of directors and executive officers of op bancorp are the same directors and executive officers that serve open bank. the shares of op bancorp will be quoted on the otcqb under the symbol opbk. ms. min kim, chief executive officer of op bancorp and open bank, stated that, “we are appreciative of the regulatory agencies that approved the reorganization and our shareholders who approved the reorganization at our annual meeting on may 19, 2016. we think the new structure will be advantageous as open bank continues its excellent progress to grow into a premier community bank serving the korean and other communities within its market.” the law firm of buchalter nemer, los angeles, was legal counsel for op bancorp and open bank. about open bank open bank (the "bank") is engaged in the general commercial banking business in los angeles and orange counties and is 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 with seven full branch offices in downtown los angeles, los angeles fashion district, los angeles koreatown, gardena and buena park. the bank also has three loan production offices in seattle, washington; dallas, texas; and flushing, new york. the bank commenced its operations on june 10, 2005 as first standard bank and changed its name to open bank in october 2010. its headquarters is located at 1000 wilshire blvd., suite 500, los angeles, california 90017. phone 213.892.9999; www.myopenbank.com member fdic, equal housing lender safe harbor this press release contains certain forward-looking information about open bank that is intended to be covered by the safe harbor for “forward-looking statements” provided by the private securities litigation reform act of 1995. all statements other than statements of historical fact are forward-looking statements, including statements about the bank’s successful implementation of its strategies resulting in significant increase in non-interest bearing deposits. these forward-looking statements may include, but are not limited to, such words as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," "predicts," "potential," "continue," or the negative of such terms and other comparable terminology or similar expressions and may include statements about the bank’s focus on exploring new opportunities, building customer relationship through core deposits, growing core deposits, and improving asset quality. forward-looking statements are not guarantees. such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of open bank such as the ability of the new branch to attract sufficient number of customers, deposits and new business to become profitable. open bank cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. if any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, open bank’s results could differ materially from those expressed in, or implied or projected by such forward-looking statements. open bank assumes no obligation to update such forward-looking statements, except as required by law.
