CBB Bank

CBB Bank
Company typePrivate company
OTCQX: CBBI
IndustryBanking
Founded2005; 19 years ago (2005)
Headquarters
Los Angeles, California
,
United States
Key people
James Hong, president and chief executive officer
Revenue$51.2 million (2016)[1]
Number of employees
170 (2023)
ParentCBB Bancorp, Inc.
Websitecbb-bank.com

CBB Bank is an American bank that operates in the states of California, Texas and Hawaii providing commercial and personal banking services to the Korean-American community. It owned by the holding company CBB Bancorp, Inc.

As of 2015, CBB Bank had 11 retail branches in California, Texas and Hawaii. It is one of five major Korean-American banks in the United States.[2]

History

Commonwealth Business Bank, as well known as CBB Bank, was founded on March 9, 2005 in Los Angeles, California with only 20 employees and $23.1 million of capital. It had its first stock traded on March 21 of that same year. It got TARP CPP Redemption on July 22, 2013 and had total assets of over $1 billion as of July 31, 2017. On September 1, 2017, it formed CBB Bancorp.[3]

In February 2021 CBB Bancorp announced it was acquiring Honolulu-based Ohana Pacific bank and its two retail locations. The sale was completed in July of that year.[4][5]

Services

The bank offers retail banking services such as checking, installment, savings, money market, and certification of deposit accounts, as well as IRAs; business line of credit, term loans, trade finance, professional loans, business property loans, commercial real estate loans, and construction loans; SBA loans; and debit and credit cards. The company also provides treasury management, mobile and online banking, wire transfer, telephone banking, safe deposit box, and lockbox services.[6]

References

  1. ^ "CBBI Income Statement - CBB BANCORP INC Stock - Yahoo Finance". finance.yahoo.com.
  2. ^ Koren, James Rufus. "Two Koreatown banks to unite, but a rival hopes to block the merger". Los Angeles Times.
  3. ^ "CBB Bank". CBB Bank.
  4. ^ "CBB Bancorp, Inc. completed the acquisition of Ohana Pacific Bank". www.marketscreener.com. Retrieved 2023-04-24.
  5. ^ Segal, Dave (2021-02-02). "Ohana Pacific Bank to be acquired for up to $24.8 million". Honolulu Star-Advertiser. Retrieved 2023-04-24.
  6. ^ "CBBI Profile - CBB BANCORP INC Stock - Yahoo Finance". finance.yahoo.com.