Los Angeles-based Saehan Bancorp announced Friday that it has named former Hanmi Bank Chief Executive Chung Hoon Youk as its new president and chief executive, replacing Benjamin Hong.
Youk, 60, a longtime leader in the Korean-American business community, was president and chief executive of Hanmi Bank from 1999 through 2003. Previously, he served six years as the bank's chief credit officer.
Hong, 75, served as Saehan's chief executive for three years. He is retiring from the post effective Sept. 30. He previously was chief executive of Nara Bank.
Saehan Bancorp is the parent of Saehan Bank, which has 10 branches and assets of $157 million. The company reported a second quarter loss of $1.6 million, compared to net income of $2.1 million in the same period a year earlier. Declining Small Business Administration loan volume was cited as a major factor in the loss. Earlier this month, Saehan announced it had cut 10 percent of its workforce in July.
Shares of Saehan Bancorp closed Friday unchanged at $4.15.
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