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BBCN execs took a difficult path to build the largest Korean-American bank, but a successful merger in L.A. and a deal in Seattle have put it on course to become a West Coast player — and maybe more.
December 26 -
Wilshire Bancorp Inc. of Los Angeles said late Friday that it had hired Jae Whan Yoo, who resigned abruptly from Center Financial Corp. of Los Angeles in January, as president and chief executive.
February 22 -
Hanmi Financial announced Wednesday that it has hired an advisor to help it explore strategic alternatives. Observers say the recovered lender could be a hot ticket, fetching between $16 to $20 per share.
January 10
BBCN Bancorp (BBCN) is in the market for a new chief executive after Alvin Kang announced plans to step down at the end of the month.
Kang, 68, will relinquish his posts at president and chief executive, the $5.3 billion-asset company said in a press release Monday. BBCN said it will hire an executive search firm to find his successor.
An executive council will carry out Kang's CEO responsibilities on an interim basis. Bonita Lee, the Los Angeles company's chief operating officer, will serve as acting president and lead the council, which will also include Philip Guldeman, BBCN's chief financial officer, and Kyu Kim, the chief commercial banking officer.
Kang was largely responsible for integrating the merger of Nara Bancorp and Center Financial to create the nation's biggest Korean-American bank. BBCN also announced plans to buy a small Seattle bank late last year, and Kang recently told American Banker that he envisioned the company
The sudden vacancy is particularly interesting given the recent announcement that rival Hanmi Financial (HAFC) is
Kang "has been instrumental in the transformative integration of our two organizations to become the leading Korean-American Bank in the United States and has sharpened the company's focus on achieving strong, sustained operating performance, while positioning us for endured success," Kevin Kim, BBCN's chairman, said in Monday's release.
