Orient Bancorp in San Francisco named a well-known California banker and turnaround specialist its permanent chief executive five weeks after he joined as interim CEO.
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 merged with Nara Bancorp in 2011 to create BBCN Bancorp (BBCN). He was also CEO of Gateway Business Bank in Los Angeles in 2012, according to his LinkedIn page.
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, resigned this month, according to the San Francisco Business Times.
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 first reported in the San Francisco Business Journal.