OP Bancorp filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$OPBK
Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 13, 2024
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Item 5.02. Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 13, 2024, OP Bancorp (the “Company”), the holding company for Open Bank (the “Bank”), issued a press release announcing the appointment of Yeong Gwon Pak as Executive Vice President and Chief Credit Officer, effective as of December 30, 2024. Mr. Pak, age 54, previously served as Senior Vice President and District Manager at Bank of Hope from July 2022 until his departure in December 2024. Prior to that he had served in various executive roles at Commonwealth Business Bank since June 2015, including, most recently, as Executive Vice President and Chief Lending Officer from June 2020 to June 2022. Mr. Pak has more than 20 years of banking experience in community banks throughout the greater Los Angeles area, and has a Bachelor of Arts in Molecular and Cellular Biology from the University of California, Berkeley.
Upon commencement of his employment, Mr. Pak will receive an initial gross annual salary of $250,000, five weeks per year of paid time off and a cell phone allowance of $200 per month. Mr. Pak is eligible to participate in all employee benefit plans and, starting in 2025, to participate in the Company’s management incentive plan which provides for a discretionary cash incentive bonus tied to the Company’s performance and his individual goals. Contingent upon approval by the Company’s Board of Directors, Mr. Pak will also be granted a certain number of restricted stock units, with a cash value equal to 40% of his annual salary, vesting equally over five years on the anniversary of the grant date.
A copy of the press release announcing the appointment of Mr. Pak is attached hereto as Exhibit 99.1, and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| OP Bancorp | ||||||||
| Date: December 13, 2024 | By: | /s/ Christine Oh | ||||||
| Name: Christine Oh | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
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