OP Bancorp Announces Director and Officer Changes
Ticker: OPBK · Form: 8-K · Filed: Dec 13, 2024 · CIK: 1722010
| Field | Detail |
|---|---|
| Company | Op Bancorp (OPBK) |
| Form Type | 8-K |
| Filed Date | Dec 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $250,000, $200 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, corporate-governance
TL;DR
OP Bancorp filed an 8-K for director/officer changes and compensation details.
AI Summary
On December 13, 2024, OP Bancorp filed an 8-K report detailing changes in its board of directors and certain officers. The filing includes information on the election of new directors and the appointment of new officers, as well as details regarding compensatory arrangements for these individuals. Specific names of individuals and exact dollar amounts related to compensation are not detailed in this summary section of the filing.
Why It Matters
Changes in a company's board and executive team can signal shifts in strategy, governance, or operational focus, potentially impacting future performance and shareholder value.
Risk Assessment
Risk Level: medium — Changes in directorship and officer appointments can introduce uncertainty regarding future company direction and leadership effectiveness.
Key Numbers
- 2024-12-13 — Report Date (Date of the earliest event reported in the 8-K filing.)
Key Players & Entities
- OP Bancorp (company) — Registrant
- California (location) — State of incorporation
- Los Angeles (location) — Principal executive offices city
FAQ
What specific items are covered under the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers' section?
This section of the 8-K filing covers the departure of directors or certain officers, the election of new directors, the appointment of certain officers, and details regarding compensatory arrangements for these individuals.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is December 13, 2024.
What is OP Bancorp's Standard Industrial Classification (SIC) code?
OP Bancorp's SIC code is 6022, which corresponds to STATE COMMERCIAL BANKS.
Where are OP Bancorp's principal executive offices located?
OP Bancorp's principal executive offices are located at 1000 Wilshire Blvd., Suite 500, Los Angeles, CA 90017.
What is the filing date of this 8-K report?
This 8-K report was filed on December 13, 2024.
Filing Stats: 694 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-12-13 16:48:39
Key Financial Figures
- $250,000 — ceive an initial gross annual salary of $250,000, five weeks per year of paid time off a
- $200 — time off and a cell phone allowance of $200 per month. Mr. Pak is eligible to parti
Filing Documents
- opbk-20241213.htm (8-K) — 27KB
- opbk8-k20241213exhibit991.htm (EX-99.1) — 6KB
- imagea.jpg (GRAPHIC) — 66KB
- 0001628280-24-051211.txt ( ) — 251KB
- opbk-20241213.xsd (EX-101.SCH) — 2KB
- opbk-20241213_lab.xml (EX-101.LAB) — 22KB
- opbk-20241213_pre.xml (EX-101.PRE) — 13KB
- opbk-20241213_htm.xml (XML) — 3KB
02. Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit Description 99.1 Press Release of OP Bancorp, issued December 13, 2024, entitled "OP Bancorp Announces Appointment of Yeong Gwon Pak as Chief Credit Officer." 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1 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 2