In the latest round in L.A.’s Korean-American bank executive shuffle, Commonwealth Business Bank said that former Wilshire Bancorp president and chief executive Joanne Kim has been appointed to the same position at its institution.
Kim, a 32-year veteran of the local Korean-American banking community, resigned from Wilshire State in February. She replaces Wun Hwa (Jack) Choi, whose employment agreement was not renewed by the Wilshire Boulevard bank when it expired on April 1.
L.A.’s Korean-American banks rarely keep chief executives for more than three years, but they have seen a higher-than-usual turnover rate among top executives in the past year. Among Koreatown’s “Big Four” institutions – Nara, Wilshire, Center and Hanmi – all but Hanmi have changed their top executives since last year.
“Joanne Kim’s accomplishments, banking experience and reputation in the Korean-American banking community were important considerations in her selection, and we look forward to her new leadership and contributions to Commonwealth Business Bank,” said Chairman G. Timothy Haight in a statement.
Shares closed unchanged at $8.25 on the OTC Bulletin Board.
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