LOS ANGELES, April 21, 2014 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN) today announced that its Board of Directors unanimously appointed Kevin S. Kim, 56, as President and Chief Executive Officer of its wholly owned subsidiary, BBCN Bank (the "Bank"), a position he has held in an interim capacity since January 15, 2014. With this appointment, which is effective immediately, Mr. Kim now serves as Chairman, President and Chief Executive Officer of BBCN Bancorp and BBCN Bank.
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"Having been integrally involved from day one of strategic planning for the eventual combination creating BBCN and ongoing as the Chairman of the Board, Kevin Kim has a clear understanding of the long term vision of BBCN," said Scott Yoon-Suk Whang, Vice Chairman and Lead Independent Director of BBCN Bancorp and BBCN Bank. "In addition to his visionary leadership, he has also served as a stabilizing force within BBCN. Chairman Kim has an innate understanding of the cultural nuances affecting BBCN's employees, core customer base and community, and we believe is supported by the most competent executive management team in the Korean-American niche market. The entire Board is confident in Kevin Kim's ability to lead BBCN forward to our next phase of growth."
Mr. Kim has served as Chairman of BBCN Bancorp, Inc. since May 2012 and was appointed the additional titles of President and Chief Executive Officer in March 2013. In this capacity, Mr. Kim has been responsible for leading the Company's efforts related to strategic planning, mergers and acquisitions, business line and revenue diversification, capital management strategy and oversight of BBCN Bank. Formerly a director of Center Financial Corporation and Center Bank from 2008 until the merger, Mr. Kim was the lead negotiator from Center resulting in the creation of BBCN. Prior to joining the Company full time as its Chief Executive, Mr. Kim practiced law for 18 years, with a focus in corporate and business transactions, business acquisitions, tax planning, and real estate transactions. He began his professional career as a Certified Public Accountant, working for approximately 10 years at two of the largest public accounting firms, including Arthur Andersen, LLP and KPMG, LLP. Mr. Kim is a member of the Board of Directors of the Los Angeles Area Chamber of Commerce. He received his B.A. from Hankuk University of Foreign Studies in Seoul, Korea, with a major in English. Following his service in the Republic of Korea Army, Mr. Kim earned his M.B.A. from the Anderson School of Management, the University of California, Los Angeles, and his J.D. from Loyola Law School in Los Angeles, California.
Mr. Kim said, "It is a privilege to have the opportunity to lead the premier Korean-American bank in the nation. My dream for BBCN has always been to build a company which represents the most successful business enterprise among those founded by Korean-Americans. I look forward to working even more closely with the entire management team and Board to further strengthen and build upon the BBCN franchise."
BBCN's Board of Directors was advised by Chrisman & Company, Inc., an executive search consultancy to financial industries.
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.7 billion in assets as of March 31, 2014. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 49 branches in California, New York, New Jersey, Illinois, Washington and Virginia, along with six loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California and Annandale, Virginia. 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.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about future operations and projected full-year financial results that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussions of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.
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