BBCN President & CEO Alvin Kang to Step Down January 31, 2013
January 14 2013 - 8:00PM
Business Wire
BBCN Bancorp, Inc. (NASDAQ:BBCN) (the “Company) today announced
that Alvin D. Kang, 68, will step down from his positions as
President and Chief Executive Officer and as a Director of the
Company and its wholly owned subsidiary, BBCN Bank (the “Bank”),
effective as of the close of business on January 31, 2013. The
Company’s Board of Directors will retain an executive search firm
to initiate a formal search for a new chief executive.
Until a successor is appointed, the Board of Directors has
established an Executive Council to carry out the responsibilities
of the chief executive. Executive Vice President and Chief
Operating Officer, Bonita I. Lee, 50, will be given the additional
title of Acting President and will lead the Executive Council. The
Executive Council membership will also include Executive Vice
President and Chief Financial Officer Philip E. Guldeman, 67, and
Executive Vice President and Chief Commercial Banking Officer Kyu
S. Kim, 51.
“I would like to express the Board’s gratitude to Al for his
many valued contributions to BBCN,” said Kevin S. Kim, Chairman of
the Board. “Al 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. We wish Al
all the best in his future endeavors.”
“It has been my honor and privilege to serve BBCN as President
and CEO, and I thank all of the employees for their dedicated
support,” said Kang. “BBCN is in a unique position in the market
with the most talented bankers and a strong foundation to
capitalize on exciting opportunities ahead. I believe the Company
is well positioned for continued profitability and growth, and I
will watch with deep interest as BBCN continues to build on its
progress to become a great company.”
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the parent company of
BBCN Bank, the largest Korean American bank in the nation with $5.3
billion in assets as of September 30, 2012. The Company is a result
of the merger of equals of Nara Bancorp, Inc. and Center Financial
Corporation completed on November 30, 2011. Headquartered in Los
Angeles and serving a diverse mix of customers mirroring its
communities, BBCN operates 40 branches in California, New York, New
Jersey, Washington and Illinois, along with five loan production
offices in Seattle, Denver, Dallas, Atlanta and Northern
California. BBCN specializes in core business banking products for
small and medium-sized businesses, with an emphasis in commercial
real estate and business lending, SBA lending and international
trade financing. BBCN Bank is a California-chartered bank and its
deposits are insured by the FDIC to the extent provided by law.
BBCN is an Equal Opportunity Lender.
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