Open Bank
 | |
| Company type | Public |
|---|---|
| Template:NASDAQ Russell 2000 Index Component | |
| Industry | Banking |
| Founded | 2005 |
| Headquarters | , U.S. |
Key people | Min Jung Kim (president and CEO) |
| Services | Commercial banking |
| Revenue | $135.8 million (2023) |
| Website | myopenbank |
Open Bank is a U.S.-based community bank located in California that primarily serves the Korean American community. It specializes in commercial banking services.
By 2022, Open Bank maintained nine branches across California, with additional offices in Texas and Nevada. It also operated four loan production offices situated in Washington, Colorado, and Georgia, alongside a home loan center in Los Angeles. The bank is recognized as one of the top five Korean-American banks within the United States.
History
The institution was originally founded on June 10, 2005 under the name First Standard Bank as a California state-chartered bank headquartered in Los Angeles. In October 2010, it underwent a rebranding to adopt the name Open Bank. The company initiated its initial public offering in March 2018, offering 2 million common shares at prices ranging from $9.50 to $11.50 per share. CEO Min Kim commemorated the IPO by participating in the NASDAQ closing bell ceremony on April 6, 2018.
Services
Open Bank identifies itself as a faith-based community bank, focusing on fostering relationship-driven banking within its core demographic.
Its range of financial products includes certificates of deposit, installment accounts, money market accounts, retirement accounts, demand and time deposits, savings accounts, as well as various personal and business checking accounts. Commercial lending services encompass business lines of credit, term loans, commercial real estate financing, trade finance products such as letters of credit and import/export financing options, SBA loans, and mortgage lending. The bank also provides digital banking capabilities including online and mobile platforms, bill payment services, debit and credit card offerings, safe deposit boxes, cash management solutions, funds transfers, and electronic statements.