CBB Bancorp Inc. has appointed veteran banker Seungho Park as the new president and chief executive of the Koreatown-based company and its subsidiary, Commonwealth Business Bank.

Park took the helm in late November, succeeding Richard Koh, who served as chief executive since April and had first joined the bank as its chief financial officer in 2023. 

Park brings nearly three decades of banking industry experience. He previously served as executive vice president and chief commercial banking officer at CBB Bancorp, and he also held the position of eastern region president, overseeing the bank’s expansion and operations in major markets on the East Coast and in the South.

“Park brings years of experience in the Korean American banking market, and he has consistently demonstrated the ability to generate profitable growth,” said Soon Pak, chair of CBB’s board.

A vote of confidence

Before CBB, Park held leadership positions at Bank of Hope, also based in Koreatown. He oversaw commercial banking and regional operations.

“The board of directors is confident in his ability to be a strong leader for CBB Bancorp and CBB Bank going forward,” Pak said.  

CBB Bancorp, which serves small- and mid-sized businesses with a focus on commercial lending, operates a dozen branches in Los Angeles and Orange Counties, Dallas, Honolulu, and New Jersey.

Additionally, it has SBA regional offices and loan-production centers. 

Park’s appointment comes amid a period of transition for CBB. In April, Koh took over as chief executive after announcing James Hong’s retirement. The bank did not disclose the circumstances behind Koh’s exit.

CBB reported a net income of $4.5 million for the second quarter ending in October, with deposits increasing by $141.4 million to represent a quarter-over-quarter growth of more than 9%.