Open Bank in Los Angeles has formed a holding company.
The $654 million-asset bank said in a press release Monday that it had reorganized under OP Bancorp after receiving approval from shareholders and regulators.
Open Bank serves small and midsize businesses with a focus on Korean and other ethnic minorities. Under the reorganization, the directors and executive officers of both entities are the same.
"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," Min Kim, the company's chief executive, said in the release.
Open Bank has seven branches across Orange Counties and loan production offices in Seattle, Dallas, and Flushing, N.Y.
Buchalter Nemer in Los Angeles served as legal counsel for the reorganization.