BBCN Bancorp Announces Management and Board Appointments
LOS ANGELES -- March 7, 2013
BBCN Bancorp, Inc. (NASDAQ: BBCN) (the “Company”), the holding company of BBCN
Bank (the “Bank”), today announced the following management and board
*Kevin S. Kim, 55, Chairman of the Company and Bank Boards of Directors,
has been appointed to the additional positions of President and Chief
Executive Officer of BBCN Bancorp, effective immediately;
*Scott Yoon-Suk Whang, 67, has been named Lead Independent Director of BBCN
Bancorp, effective immediately, in addition to his current title as Vice
Chairman of the Company and Bank Boards; and
*Deputy Chief Financial Officer Douglas J. Goddard, 60, will succeed Philip
E. Guldeman, 68, as Chief Financial Officer of the Company and the Bank,
effective March 31, 2013.
As President and Chief Executive Officer of BBCN Bancorp, Mr. Kim assumes
responsibility for leading the Company’s efforts related to strategic
planning, mergers and acquisitions, business line and revenue diversification,
capital management strategy and oversight of the Bank. The Board is in the
process of finalizing its selection of the Bank-level President and Chief
Executive Officer, who will be responsible for the continued successful
operations of the day-to-day business of the Bank, risk management, organic
growth, integration of acquired entities, and recruitment and development of
“I am excited at the opportunity to lead BBCN into its next phase of growth,”
said Mr. Kim. “The separation of the holding company and bank-level CEO
responsibilities is designed to enable management to focus on their respective
areas of strength, lower the Company’s risk profile and improve its revenue
stream. The Board believes this new structure better positions BBCN for
continued growth and evolution into a larger and more diversified financial
services company, and will ultimately lead to an enhanced offering for our
customers and greater returns for our shareholders.”
Mr. Kim was named Chairman of BBCN Bancorp in May 2012 and has served as a
director of BBCN Bancorp and Chairman of BBCN Bank since December 2011, upon
the merger of Center Financial Corporation with Nara Bancorp, Inc. and Nara
Bank with Center Bank. Formerly a director of Center Financial and Center Bank
from 2008 until the merger of equals, Mr. Kim was the lead negotiator from
Center resulting in the creation of BBCN. A Certified Public Accountant and
attorney, Mr. Kim has been practicing law for 18 years, with a focus in
corporate and business transactions, business acquisitions, tax planning, and
real estate transactions. He began his professional career as an auditor
working at two of the largest public accounting firms for approximately 10
years and received his B.A. degree with a major in English and a minor in
international trade from Hankuk University of Foreign Studies in Seoul, Korea.
Mr. Kim continued his studies in the United States, earning an M.B.A. degree
from the Anderson School of Management, the University of California, Los
Angeles, and a J.D. from Loyola Law School in California.
Mr. Whang was named Vice Chairman of BBCN Bancorp in May 2012 and has served
as Vice Chairman of BBCN Bank since December 2011. Originally a director of
the former Nara Bancorp and Nara Bank since 2007, Mr. Whang was the lead
negotiator from Nara resulting in the creation of BBCN. A recognized
entrepreneur, he has successfully established three companies over the past 20
years, including Codra Enterprises, Avalanche Publishing, Inc., and Orange
Circle Studios. In 2006, Mr. Whang was chosen as entrepreneur of the year by
the Korean American Chamber of Commerce in recognition of his success in the
mainstream publishing industry and as an exemplary minority entrepreneur.
Previously, Mr. Whang held various management positions with Daewoo
Corporation, where he began his career in the early 1970s until he resigned
from the position as President of the Western Division of Daewoo International
(America) in 1985. Mr. Whang graduated from the College of Business
Administration at Seoul National University with a B.A. degree in
As Executive Vice President and Deputy Chief Financial Officer of BBCN since
December 2011, Mr. Goddard has been responsible for the integration of the
financial functions of the Company and heading BBCN’s strategic acquisition
strategies. With more than 25 years of experience with financial institutions,
he joined Center Financial in June 2010 as Interim Chief Financial Officer.
From 1997 through 2009, Mr. Goddard was Executive Vice President and Chief
Financial Officer of the former First Federal Bank of California. He began his
professional career as an auditor in 1974 at KPMG LLP. A Certified Public
Accountant, Mr. Goddard earned his B.A. degree in economics and accounting
from Claremont McKenna College, where he graduated cum laude with departmental
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the parent company of BBCN Bank, the largest
Korean-American bank in the nation with $5.6 billion in assets as of December
31, 2012. The acquisition of Seattle-based Pacific International Bancorp, Inc.
on February 15, 2013 increased the company’s total assets to $5.8 billion.
Headquartered in Los Angeles and serving a diverse mix of customers mirroring
its communities, BBCN operates 44 branches in California, New York, New
Jersey, Washington and Illinois, along with five loan production offices in
Seattle, Denver, Dallas, Atlanta and Northern California. BBCN specializes in
core business banking products for small- and medium-sized companies, with an
emphasis in commercial real estate and business lending, SBA lending and
international trade financing. BBCN Bank is a California-chartered bank and
its deposits are insured by the FDIC to the extent provided by law. BBCN is an
Equal Opportunity Lender.
This press release contains forward-looking statements, including statements
about future operations and projected full-year financial results that are
subject to risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
These risks and uncertainties include but are not limited to economic,
competitive, governmental and technological factors affecting the Company's
operations, markets, products, services, and pricing. Readers should carefully
review the risk factors and the information that could materially affect the
Company's financial results and business, described in documents the Company
files from time to time with the Securities and Exchange Commission, including
its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and
particularly the discussions of business considerations and certain factors
that may affect results of operations and stock price set forth therein.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. The Company
undertakes no obligation to revise or publicly release the results of any
revision to these forward-looking statements.
BBCN Bancorp, Inc.
Investors and Financial Media:
SVP, Investor Relations
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