LOS ANGELES–(BUSINESS WIRE)–Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company
of Bank of Hope (the “Bank”), today announced that its Board of
Directors appointed President and Chief Executive Officer Kevin S. Kim
as Chairman of the Board of Directors of the Company and Bank, effective
immediately. Mr. Kim succeeds Scott Yoon-Suk Whang, who was appointed
Lead Independent Director of the Company and Bank, effective immediately.
“Our Board of Directors has absolute confidence in Mr. Kim’s ability to
lead the Company’s strategic vision,” said Scott Yoon-Suk Whang, Lead
Independent Director. “We believe that unifying the role of the Chairman
and CEO is the most effective leadership structure at this time. And in
accordance with our governance philosophy, I will continue my active
participation as the Lead Independent Director on behalf of the Board
and provide appropriate independent oversight. We also believe this
structure will further promote our Board’s effectiveness and more
appropriately allocate authority and responsibility between the Board
and management.”
“On behalf of the Board of Directors, I express my sincerest
appreciation to Mr. Whang for his strong leadership over the past two
years as Chairman of the Board. I look forward to continuing to work
collaboratively with him as our Lead Independent Director,” said Kevin
S. Kim, Chairman, President & Chief Executive Officer.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and
only super regional Korean-American bank in the United States with $15.4
billion in total assets as of March 31, 2019. Headquartered in Los
Angeles and serving a multi-ethnic population of customers across the
nation, Bank of Hope operates 60 full-service branches in California,
Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and
Alabama. The Bank also operates SBA loan production offices in Seattle,
Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern
California and Houston; commercial loan production offices in Northern
California and Seattle; residential mortgage loan production offices in
Southern California; and a representative office in Seoul, Korea. Bank
of Hope specializes in core business banking products for small and
medium-sized businesses, with an emphasis in commercial real estate and
commercial lending, SBA lending and international trade financing. Bank
of Hope is a California-chartered bank, and its deposits are insured by
the FDIC to the extent provided by law. Bank of Hope is an Equal
Opportunity Lender. For additional information, please go
to bankofhope.com.
Forward-Looking Statements
Some statements in this press release may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements relate to, among
other things, expectations regarding the business environment in which
we operate, projections of future performance, perceived opportunities
in the market and statements regarding our business strategies,
objectives and vision. Forward-looking statements include, but are not
limited to, statements preceded by, followed by or that include the
words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,”
“estimates” or similar expressions. With respect to any such
forward-looking statements, the Company claims the protection provided
for in the Private Securities Litigation Reform Act of 1995. These
statements involve risks and uncertainties. The Company’s actual
results, performance or achievements may differ significantly from the
results, performance or achievements expressed or implied in any
forward-looking statements. The risks and uncertainties include, but are
not limited to: possible deterioration in economic conditions in our
areas of operation; interest rate risk associated with volatile interest
rates and related asset-liability matching risk; liquidity risks; risk
of significant non-earning assets, and net credit losses that could
occur, particularly in times of weak economic conditions or times of
rising interest rates; and regulatory risks associated with current and
future regulations. For additional information concerning these and
other risk factors, see the Company’s most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q. The Company does not undertake,
and specifically disclaims any obligation, to update any forward-looking
statements to reflect the occurrence of events or circumstances after
the date of such statements except as required by law.
Contacts
Angie Yang
SVP, Director of Investor Relations &
Corporate
Communications
213-251-2219
[email protected]
