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
Los Angeles, CA 90017
Founded in 2005
Open Bank Plans to Open 7th Full Service Branch in Koreatown on Western Blvd. in Los Angeles in the Fourth Quarter of 2015
Jul 27 15
Open Bank announced that it will be opening its 7th full service branch in the heart of Koreatown on Western Blvd. in Los Angeles. The branch is expected to open in the fourth quarter of 2015.
Open Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 27 15
Open Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net interest income of $5,540,000 against $3,931,000 a year ago. Income before taxes was 2,694,000 against $2,027,000 a year ago. Net income was $1,585,000 against $1,202,000 a year ago. Diluted EPS were $0.12 against $0.14 per share a year ago. Book value per share was $5.53 against $5.09 per share a year ago. Return on average assets was 1.17% against 1.19% a year ago. Return on average equity was 9.27% against 3.04% a year ago.
For the six months, the company reported net interest income of $10,588,000 against $7,572,000 a year ago. Income before taxes was $4,903,000 against $3,777,000 a year ago. Net income was $2,885,000 against $2,225,000 a year ago. Diluted EPS were $0.22 against $0.27 per share a year ago. Book value per share was $5.53 against $5.09 per share a year ago. Return on average assets was 1.09% against 1.18% a year ago. Return on average equity was 8.56% against 12.95% a year ago.
Open Bank Opens its Loan Production Offices in Dallas, Seattle and New York in April
May 1 15
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.