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CBB Bancorp, Inc. Extends Employment Contract with Ms. Joanne Kim, President and Chief Executive Officer

LOS ANGELES–(BUSINESS WIRE)–CBB Bancorp, Inc. (“CBB” or the “Company’) (OTCQX: CBBI), the holding
company of Commonwealth Business Bank (the “Bank”), today announced that
the Bank has entered into a new employment agreement with Joanne Kim,
who has served as the President and CEO of the Bank for the past eight
years and has served as President and CEO of the Company since it was
formed as the holding company for the bank in 2017. The new agreement,
effective April 19, 2019, has a term of three years and provides for an
annual base salary of $400,000 plus other employee benefits and the
grant to Ms. Kim of stock options to purchase 45,000 shares of the
Company’s common stock with a 10-year term expiring April 19, 2029. The
stock options will vest (become exercisable) in annual 25% increments on
the anniversary dates of grant, subject to acceleration of the final 25%
increment in the event Ms. Kim’s employment agreement is not renewed.

“Under Joanne’s leadership, the Company’s financial condition and
operating results over the last eight years have been solid, leading to
a significant increase in shareholder value and marketplace
recognition,” commented Soon Han Pak, Chairwoman of the Board. “The
Board feels confident that Joanne can continue the Company’s trajectory
of profitability by continuing to implement the Company’s business
strategies that she has been instrumental in developing.”

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank,
a full-service commercial bank which specializes in small-to
medium-sized businesses and does business as “CBB Bank.” The Bank has
eight full-service branches in Los Angeles, Orange, and Dallas Counties;
two SBA regional offices in Los Angeles and Dallas Counties; and six
loan production offices in Texas, Georgia, Colorado, Utah and Washington.

For additional information, please go to www.cbb-bank.com.

FORWARD-LOOKING STATEMENTS

This news release contains a number of forward-looking statements. These
statements may be identified by use of words such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” “would” and similar terms and phrases, including
references to assumptions. Forward-looking statements are based upon
various assumptions and analyses made by the Company in light of
management’s experience and its perception of historical trends, current
conditions and expected future developments, as well as other factors it
believes are appropriate under the circumstances. These statements are
not guarantee of future performance and are subject to risks,
uncertainties and other factors (many of which are beyond the Company’s
control) that could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements.
You should not place undue reliance on such statements. Factors that
could affect our results include, without limitation, the following: the
timing and occurrence or non-occurrence of events may be subject to
circumstances beyond the Company’s control; increases in competitive
pressure among financial institutions or from non-financial
institutions; changes in the interest rate environment may reduce
interest margins; changes in deposit flows, loan demand or real estate
values may adversely affect the business of the Company and the Bank;
unanticipated or significant increases in loan losses; changes in
accounting principles, policies or guidelines may cause the Company’s
financial condition to be perceived differently; changes in corporate
and/or individual income tax laws may adversely affect the Company’s
financial condition or results of operations; general economic
conditions, either nationally or locally in some or all areas in which
the Company conducts business, or conditions in the securities markets
or the banking industry may be less favorable than the Company currently
anticipates; legislation or regulatory changes may adversely affect the
Company’s business; technological changes may be more difficult or
expensive than the Company anticipates; there may be failures or
breaches of information technology security systems; success or
consummation of new business initiatives may be more difficult or
expensive than the Company anticipates; or litigation or other matters
before regulatory agencies, whether currently existing or commencing in
the future, may delay the occurrence or non-occurrence of events longer
than the Company anticipates.

Contacts

Long T. Huynh, EVP & CFO
(323) 988-3010
[email protected]

leverton

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