CBB Bank Announces Leadership Transition

Los Angeles-based CBB Bancorp, Inc., the parent company of Commonwealth Business Bank, recently announced that James Hong has retired from his roles as president and chief executive officer of both the company and the bank this month.

“On behalf of the Board of Directors and our stockholders, I would like to thank James Hong for his three years of dedicated service and the significant contributions he has made to the growth and success of CBB Bancorp and CBB Bank,” said Soon Pak, chairwoman of the board of the company and the bank.

The company also announced that Richard Koh, previously executive vice president and chief financial officer, has been promoted to president and chief executive officer of both the company and the bank, replacing Hong after his retirement.

“Richard Koh brings over twenty years of executive-level experience in the Korean-American banking market, including leadership roles in the Los Angeles area. The board and I are confident in his ability to continue driving CBB’s growth and profitability and our vision,” added chairwoman Soon Pak.

News of this transition comes on the heels of news earlier this year that CBB Bancorp had announced the appointment of Alex Ko as executive vice president and chief operating officer.

Ko brings over 27 years of experience in banking and finance, including leadership roles as senior EVP and CFO of Bank of Hope, where he led strategic growth, operational improvements and M&A initiatives. He also spent 12 years at KPMG providing audit and advisory services to financial institutions.

“We are pleased to welcome Mr. Ko to our executive team,” said Hong at the time. “His extensive expertise in banking and finance, combined with his proven leadership in driving operational improvements and strategic growth, will play a vital role in advancing our organizational goals and long-term success.”

Commonwealth Business Bank is a full-service commercial bank specializing in serving small to medium-sized businesses, operating under the name “CBB Bank.” The bank operates 12 full-service branch offices in Los Angeles and Orange County; Dallas; Honolulu; and Bergen County, New Jersey, as well as loan production offices in Georgia and Washington.

Information was sourced from Businesswire. To learn more, contact jeesoos@cbb-bank.com.