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July 28, 2015 6:40 PM ET


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

101 Employees





Key Executives for Open Bank

Open Bank does not have any Key Executives recorded.

Open Bank Key Developments

Open Bank Plans to Open 7th Full Service Branch in Koreatown on Western Blvd. in Los Angeles in the Fourth Quarter of 2015

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 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.

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