Hope Bancorp Inc 8-K, filed Dec 8, 2021
Hope Bancorp Inc (HOPE)
8-K
2021-12-08
For: 2021-12-02
View Original
Added on
April 08, 2026
About this 8-K
Hope Bancorp Inc filed this 8-K on December 8, 2021, reporting on events of December 2, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
| (Exact name of registrant as specified in its charter) | ||
| (State of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executives offices, including zip code)
(213 ) 639-1700
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| , | par value $0.001 per share | |||||||||||||
| (Title of class) | (Trading Symbol) | (Name of exchange on which registered) | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
Appointment of Director
On December 7, 2021, Hope Bancorp, Inc. (the “Company”) appointed Lisa K. Pai to the Board of Directors of the Company and its wholly owned subsidiary, Bank of Hope (the “Bank”), effective immediately, to serve until the 2022 annual meeting or until her respective successor is duly elected and qualified. This appointment increases the membership of the Board of Directors from 11 to 12.
Ms. Pai will serve as a member of the Board Risk Committee.
There is no arrangement or understanding with any person pursuant to which Ms. Pai was appointed as a member of the Board. Compensatory arrangements for Ms. Pai will be consistent with the previously disclosed standard arrangements for non-employee directors of the Company, as described on page 23 of the Company’s proxy statement for its 2021 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 22, 2021, which disclosure is incorporated herein by reference.
Executive Officers
On December 2, 2021, David P. Malone, President and Chief Operating Officer of the Bank, announced his decision to retire and resign as President and Chief Operating Officer of the Bank effective as of December 31, 2021. Mr. Malone will remain as a director of the Bank and the Company. Mr. Malone has agreed to consult with the Bank through March 31, 2022 at $46,396 per month.
Peter Koh, age 44, will succeed Mr. Malone as Chief Operating Officer of the Bank effective as of January 1, 2022. Mr. Koh is also being named a Senior Executive Vice President effective as of January 1, 2022.
Since April 2021, Mr. Koh has served as an Executive Vice President and Deputy Chief Operating Officer of the Bank taking on broader responsibilities in the overall management of the Bank. Prior to that, upon the merger of equals creating the Bank on July 29, 2016, Mr. Koh was appointed the Chief Credit Officer of the Bank responsible for oversight of all credit administration functions as well as the appraisal and special assets departments. Before that Mr. Koh served in the same capacity as Chief Credit Officer of Wilshire Bank, a position he was promoted to in July 2014. Mr. Koh earned his B.A. from Columbia University in New York and M.B.A. from the Marshall School of Business, University of Southern California.
There is no arrangement or understanding between Mr. Koh and any other person(s) pursuant to which he was or is to be selected as an officer of the Company or the Bank.
Mr. Koh’s father, Steven S. Koh, is a director and Honorary Chairman of the Board of Directors of the Company and the Bank.
In the ordinary course of business, the Bank enters into loan transactions with certain of its directors or associates of such directors (“Related Parties”). All loans to Related Parties are made on substantially the same terms and conditions at the time of origination as other loans originated to borrowers that are not related to the Bank. Other than certain loans made to Mr. Koh’s father in the ordinary course of business, on substantially the same terms and conditions at the time of origination as other loans originated to borrowers that are not related to the Bank, there are no transactions with related persons (as defined in Item 404 of Regulation S-K) between the Company or the Bank, on the one hand, and Peter Koh or Steven S. Koh, on the other hand.
In connection with, and effective as of his appointment as Senior Executive Vice President and Chief Operating Officer of the Bank, Mr. Koh will receive an increase in his base salary from $355,517 per annum to $400,000 per annum. In addition, Mr. Koh will also be eligible to receive an annual cash bonus at the discretion of the Human Resources and Compensation Committee of the Board of Directors of the Company, will be entitled to four (4) weeks of paid vacation per calendar year, as well as perquisites and benefit plans available to other executive employees of the Company and reimbursement of reasonable business-related expenses.
Also effective January 1, 2022, Kevin S. Kim, age 64, Chairman, President and Chief Executive Officer of the Company and Chairman and Chief Executive Officer of the Bank, will re-assume the role of President of the Bank. Previously from July 29, 2016, Mr. Kim had served as the President and Chief Executive Officer of the Company and the Bank prior to the appointment
of David P. Malone as President of the Bank effective July 1, 2019. There is no arrangement or understanding between Mr. Kim and any other person(s) pursuant to which he was or is to be selected as an officer of the Company or the Bank.
Item 7.01 Regulation FD Disclosure
A copy of the press release issued by the Company on December 8, 2021 regarding the appointment of Ms. Pai to the Board of Directors, as described in Item 5.02 above, is attached as Exhibit 99.1 to this Current Report on Form 8-K.
A copy of the press release issued by the Company on December 7, 2021 regarding Mr. Malone’s retirement and Mr. Koh’s appointment, as described in Item 5.02 above, is attached as Exhibit 99.2 to this Current Report on Form 8-K.
Information contained in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed filed for the purposes of the Securities Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description of Exhibit | |||||||
| 99.1 | ||||||||
| 99.2 | News release, dated December 7, 2021, announcing David P. Malone's retirement, Peter Koh's appointment as Senior Executive Vice President and Chief Operating Officer, and Kevin S. Kim's re-appointment as President of the Bank. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
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 hereunto duly authorized.
| HOPE BANCORP, INC. | |||||||||||
| Date: December 8, 2021 | By: | /s/ Kevin S. Kim | |||||||||
| Kevin S. Kim | |||||||||||
| Chairman, President and Chief Executive Officer | |||||||||||
News Release
HOPE BANCORP APPOINTS FORMER EVP & GENERAL COUNSEL LISA K. PAI
TO BOARD OF DIRECTORS
LOS ANGELES - December 8, 2021 - Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today announced the appointment of Lisa K. Pai to the Board of Directors of the Company and Bank effective immediately. Ms. Pai will serve as a member of the Board Risk Committee. This appointment increases the membership of the Board of Directors from 11 to 12.
Ms. Pai, age 61, brings 26 years of experience serving in general counsel and corporate secretary capacities at various Korean American banks in the Los Angeles area, including Bank of Hope and its root banks. Most recently, she served as Executive Vice President, General Counsel and Corporate Secretary of Hope Bancorp, Inc. and Bank of Hope from the time of the merger of equals in July 2016 until her planned retirement effective year-end 2020. Prior to the merger, Ms. Pai served as Executive Vice President, Chief Legal & Human Resources Officer and Corporate Secretary of Wilshire Bancorp, Inc. and Wilshire Bank from 2012 to 2016. Previously, she served in similar capacities at BBCN Bancorp, Inc. and BBCN Bank and its predecessors Center Financial Corporation and Center Bank and Nara Bancorp, Inc. and Nara Bank, amongst other banks. Before joining the banking industry, Ms. Pai practiced law at the law firm of Thelen, Marrin, Johnson and Bridges from 1990 to 1994. Following her retirement from Bank of Hope, Ms. Pai served on the Board of Directors of First Choice Bank from April 2021 through July 2021 when the bank was acquired by Enterprise Financial Services Corp and Enterprise Bank & Trust. She has been an active member of the community throughout her professional career, having served in board and advisory roles for the Hope Scholarship Foundation, a charitable subsidiary of Bank of Hope, the Center for the Pacific Asian Family, a non-profit organization, Los Angeles County Bar Association, Korean American Bar Association of Southern California and UCLA Asian Pacific Alumni Association. Ms. Pai earned her B.A. in Economics from University of Chicago and her J.D. from University of California, Los Angeles, School of Law.
“We are pleased to welcome Lisa back to the Company to serve on our Board of Directors,” said Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp, Inc. “This appointment increases the number of women serving on our Board to three members, further diversifying the composition of our Board. More importantly, Lisa’s first-hand knowledge of the legal, human resources, risk and administrative functions of our Bank augments our Board’s oversight capability. We look forward to her valued contributions in the years ahead.”
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean American bank in the United States with $17.8 billion in total assets as of September 30, 2021. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 53 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia and Alabama. The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern California and Houston; commercial loan production offices in Northern California and Seattle; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. By including the foregoing website address link, the Company does not intend to and shall not be deemed to incorporate by reference any material contained or accessible therein.
(more)
2-2-2 NASDAQ: HOPE
Contacts:
Angie Yang SVP, Director of Investor Relations & Corporate Communications 213-251-2219 angie.yang@bankofhope.com | ||
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News Release
HOPE BANCORP ANNOUNCES PLANNED RETIREMENT OF PRESIDENT & COO
DAVID P. MALONE AND PROMOTION OF PETER KOH TO SENIOR EVP & COO
LOS ANGELES - December 7, 2021 - Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today announced the planned retirement of President and Chief Operating Officer of Bank of Hope David P. Malone effective December 31, 2021. Mr. Malone will continue to serve as a member of the board of directors of the Hope Bancorp and Bank of Hope. The Company also announced the promotion of Peter Koh to Senior Executive Vice President and Chief Operating Officer of Bank of Hope effective January 1, 2022.
“We thank David Malone for his leadership at Bank of Hope since 2017 and congratulate him on his decorated banking career over the past five decades,” said Chairman, President and Chief Executive Officer Kevin S. Kim. “I also congratulate Peter Koh on his promotion and look forward to working closely with him as we continue to build upon the strong heritage of Bank of Hope as one of the leading Asian American banks in the nation.”
Mr. Koh, age 44, transitioned to Executive Vice President and Deputy Chief Operating Officer in April 2021 from Executive Vice President and Chief Credit Officer, taking on broader responsibilities in the overall management of the Bank. Upon the merger of equals creating Bank of Hope on July 29, 2016, Mr. Koh was named Chief Credit Officer of Bank of Hope and was responsible for oversight of all credit administration functions, as well as the appraisal and special assets departments. Previously, he served in the same capacity for Wilshire Bank, a position he was promoted to in July 2014. He earned his B.A. from Columbia University in New York and M.B.A. from the Marshall School of Business, University of Southern California.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean American bank in the United States with $17.8 billion in total assets as of September 30, 2021. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 53 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia and Alabama. The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern California and Houston; commercial loan production offices in Northern California and Seattle; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. By including the foregoing website address link, the Company does not intend to and shall not be deemed to incorporate by reference any material contained or accessible therein.
(more)
2-2-2 NASDAQ: HOPE
Contacts:
Angie Yang SVP, Director of Investor Relations & Corporate Communications 213-251-2219 angie.yang@bankofhope.com | ||
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