Nara Bancorp Inc. said late Wednesday that Min Kim had resigned as chief executive to “pursue personal interests.” The Koreatown bank holding company appointed Alvin Kang, chief financial officer, to replace her.
The parent of Nara Bank said Christine Oh, its controller and senior vice president, had been appointed interim CFO until a successor for Kang can be hired.
Kim, 50, who joined Nara in 1995, had been CEO since late 2006 and was the first woman to lead a Korean-American bank. Kang has been with the company since 2005.
“While I am sad to see my colleague Min leave Nara Bancorp, I am very excited to assume the role of CEO,” said Kang in a press release. “Although there are many challenges ahead as we continue to manage through a difficult economic environment, I am very optimistic about the long-term opportunities for Nara Bancorp."
While several Koreatown banks have suffered significant capital losses due to loans gone bad during the recession, Nara has been considered one of the healthier institutions catering to Los Angeles’ Korean-American community. It’s the county’s 10th largest depository institution, with $3.2 billion in assets.
Nara netted $82 million from a secondary offering in October and has been considered a potential buyer for one of Koreatown’s weaker banks.
Nara is scheduled to report fourth quarter earnings on Tuesday. Shares on Wednesday closed down 6 percent to $9.96.
For reprint and licensing requests for this article, CLICK HERE.