OP Bancorp, the holding company of Open Bank, announced a number of expected personnel changes associated with the successful implementation of its leadership succession plan. These changes are to commence immediately and will be completed no later than June 30, 2025. Chief Executive Officer Min Kim has announced her retirement after more than forty years as a banking executive and nearly fifteen years as the President and CEO of the Company and the Bank. Ms. Kim’s retirement will be effective as of June 30, 2025. She will continue to serve as a director of the Company and the Bank and, following the Company’s Annual Meeting of Shareholders scheduled to occur in June 2025, she will become the Chair of the Board. In that role, Ms. Kim will succeed retiring Chairman Brian Choi, who will not stand for reelection to the Board at the 2025 Annual Meeting and who will assume the role of Chairman Emeritus.

Succeeding to Ms. Kim as Chief Executive Officer will be Sang K. Oh, age 52. Mr. Oh has served as Executive Vice President and Chief Credit Officer of the Company and the Bank since October 2020. Before joining the Bank, Mr. Oh had more than 26 years of banking experience, all with Bank of Hope, Los Angeles, California. His previous roles included service as Senior Vice President and Senior Credit Administrator at Bank of Hope from 2007 to 2020, and serving in a various other lending positions. 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.

Mr. Choi expressed the Board’s gratitude for Ms. Kim’s service as CEO and congratulated her on her retirement, saying, “We are delighted to recognize Min’s tremendous leadership over the past fifteen years, and equally excited that we will be able to retain her in a key leadership role as she succeeds me as non-executive Chair of the Board. We believe that the Company’s future is brighter than ever as we have begun to implement a well-considered plan to provide exceptional leadership for our organization well into the future.” Ms. Kim likewise expressed enthusiasm about the plan, noting that “Sang was the perfect candidate to succeed me as I retire, and I’m very pleased to have the opportunity for a gradual transition over the coming months. He has an extraordinary background in credit, is well respected by our employees and our Board of Directors, and has the vision, insight and relationships necessary to continue growing the Open Bank franchise throughout our communities.”