Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


May 28, 2015 8:53 AM ET

Banks

Company Overview of Open Bank

Company Overview

Open Bank provides banking products and services to small and medium-sized businesses, professionals, and residents with a particular emphasis on the multi-ethnic communities in California. It offers personal banking products and services that include checking and savings accounts, money market accounts, certificates of deposit, installment accounts, home mortgage loans; and business banking products and services, such as business checking and savings accounts, business money market accounts, commercial loans, trade finance, and SBA loans. The company also provides cash management, online banking, telephone banking, and fax/E-mail banking services, as well as online forms. Open Bank was form...

1000 Wilshire Boulevard

Suite 250

Los Angeles, CA 90017

United States

Founded in 2005

103 Employees

Phone:

213-892-9999

Fax:

213-892-1199

Key Executives for Open Bank

Open Bank does not have any Key Executives recorded.

Open Bank Key Developments

Open Bank Opens its Loan Production Offices in Dallas, Seattle and New York in April

Open Bank has opened its loan production offices in Dallas, Seattle and New York in April to further support out SBA loan productions. Also, the company is currently planning an additional full branch in the Los Angeles Koreatown area. This will bring the total to 7 branches.

Open Bank Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2015

Open Bank announced unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, net interest income was $5,049,000 against $3,642,000 a year ago. Interest income was $5,561,000 against $4,005,000 a year ago. Income before taxes was $2,209,000 against $1,750,000 a year ago. Net income was $1,300,000 against $1,023,000 a year ago. Diluted EPS was $0.10 against $0.13 a year ago. Book Value as at March 31, 2015 was $5.39 against $4.49 as at March 31, 2014. Return on average assets was 1.01% against 1.18% a year ago. Return on average equity was 7.83% against 12.86% a year ago. Pre-tax pre-provision income was $2.3 million against $2 million for the first quarter of 2014.

Open Bank Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2014

Open Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported interest income of $5,134,000, net interest income of $4,730,000, income before income taxes of $1,694,000, net income of $984,000 or $0.08 per diluted share, return on average assets of 0.85% and return on average equity of 1.46% compared to the interest income of $3,565,000, net interest income of $3,230,000, income before income taxes of $675,000, net loss of $472,000 or $0.06 per diluted share, negative return on average assets of 0.62% and negative return on average equity of 5.93% for the same quarter a year ago. Return on average assets (ROA), excluding tax benefit was 1.46% against 0.89% a year ago. Return on average equity (ROE), excluding tax benefit was 10.45% against 8.48% a year ago. The increases in net interest income were primarily the result of increases in average interest earning assets, specifically loans. For the year, the company reported interest income of $18,260,000, net interest income of $16,721,000, income before income taxes of $7,619,000, net income of $4,484,000 or $0.42 per diluted share, return on average assets of 1.09% and return on average equity of 1.85% compared to the interest income of $11,268,000, net interest income of $10,150,000, income before income taxes of $3,410,000, net income of $4,954,000 or $0.65 per diluted share, return on average assets of 1.99% and return on average equity of 1.37% for the same period a year ago. Return on average assets (ROA), excluding tax benefit was 1.85% against 1.37% a year ago. Return on average equity (ROE), excluding tax benefit was 15.45% against 11.49% a year ago. Book Value per share was $5.27 as on December 31, 2014 against was $4.31 as on December 31, 2013. For the quarter, the company reported net charge offs of $467,000 against $32,000 a year ago.

Similar Private Companies By Industry

Company Name Region
Clayton Bank and Trust United States
First Commercial Bank (USA) United States
Jewett City Savings Bank United States
CN Bancorp, Inc. United States
Citicorp Capital IV United States

Recent Private Companies Transactions

Type
Date
Target
Private Placement
June 23, 2014
--
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Open Bank, please visit www.myopenbank.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.