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): May 29, 2025
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Item 5.02. Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 29, 2025, OP Bancorp (the “Company”), the holding company for Open Bank (the “Bank”), announced the appointment of Sang K. Oh as President and Chief Executive Officer of the Company and the Bank, effective as of July 1, 2025. These steps are in furtherance of a management transition plan initially announced in a press release and related Current Report on Form 8-K filed on August 23, 2024, which are incorporated herein by reference.
Mr. Oh, age 53, was appointed Executive Vice President and Chief Executive Officer In Transit of the Company and the Bank in August 2024. Prior to the appointment, he served as Executive Vice President and Chief Credit Officer of the Company and the Bank since October 2020. Before joining the Company, Mr. Oh had accumulated 23 years of banking experience, all with Bank of Hope, Los Angeles, California. Prior to joining the Bank, he served as Senior Vice President and Senior Credit Administrator at Bank of Hope from 2007 to 2020, and prior to that served in various senior lending positions with Bank of Hope since 1997. Mr. Oh has a Bachelor of Arts in Business Economics with a Minor in Accounting from the University of California, Los Angeles, and is a graduate of Pacific Coast Banking School.
In connection with his appointment as Chief Executive Officer, Mr. Oh entered into an at-will employment agreement with the Company and the Bank, effective on July 1, 2025 (the “Employment Agreement”). The Employment Agreement provides for an initial annual base salary of $400,000 and five weeks per year of paid time off. Mr. Oh is eligible to participate in all employee benefit plans, including the Company’s 401(k) plan, health insurance coverage and management incentive plan, which provides for a discretionary cash incentive bonus tied to the Company’s performance and achievement of his individual goals. Mr. Oh will also receive an electronics allowance of $200 per month.
A copy of Mr. Oh’s Employment Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Description | |||||||
| Employment Agreement, dated July 1, 2025, between OP Bancorp, Open Bank, and Sang K. Oh | ||||||||
| 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: May 29, 2025 | By: | /s/ Jaehyun Park | ||||||
| Name: Jaehyun Park | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
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