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Nara Bancorp Inc. and Center Financial Corp. said on Monday that they had cleared their last regulatory hurdle for their planned merger after they received approval from the Federal Deposit Insurance Corp.
November 7
Orient Bancorp in San Francisco named a
Richard Cupp took the reins at Orient after the previous CEO, Brian Garrett, resigned in June. Cupp is the former CEO of Center Financial Corp., which
Orient is the parent of $476 million-asset Bank of the Orient, which has ten branches in California and Hawaii and one branch in mainland China. Virginia Varela, Bank of the Orient's chief operating officer,
Cupp specializes in repairing troubled banks and leading companies that are preparing for a strategic change.
"Bank of the Orient is in good financial condition, but sometimes new directions and new strategy are appropriate, along with new efforts to bring better performance to the bank's platform," he said.
Orient made $129,000 in the first quarter and $735,000 in 2012. As of June 30 it had a Tier 1 leverage ratio of 9.74% and a risk-based capital ratio of 16.78%.
The news of Cupp's permanent appointment was