The board of Commonwealth Business Bank in Los Angeles said Friday it did not renew the employment contract of the bank's chief executive.

Wun Hwa Choi's contract expired Thursday and he left Friday. The board did not provide a reason for its decision. Choi helped form the $402.8 million-asset bank in 2005.

The board said it appointed one of its founding directors, David McCoy, interim CEO. A search committee was formed to fill the post permanently.

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