Six Korean banks based in Southern California, including Bank of Hope, Hanmi Bank, PCB Bank, Open Bank, CBB Bank, and US Metro Bank, have nearly 100 branches nationwide with deposits exceeding $100 million. Among them, 45 are "super branches" with deposits over $200 million, reflecting a continuous increase in the number of large branches among Korean banks in Southern California.

■ 74% of Branches Hold Over $100 Million

According to the "2024 Annual Branch Deposit Report" published by the Federal Deposit Insurance Corporation (FDIC), which analyzed the second quarter of 2023 (as of June 30, 2023), there are 93 large branches of Southern California-based Korean banks with deposits exceeding $100 million. The FDIC has conducted this annual survey since 1994. The number of $100 million-plus branches increased by two from 91 in the second quarter of 2023.

Among the 126 branches (including headquarters) nationwide operated by the six Korean banks, 74%, or 93 branches, were classified as large branches with deposits exceeding $100 million.

By bank, Bank of Hope, the largest Korean bank in the U.S. with assets of $17.4 billion, had the most $100 million-plus branches, with 41 out of 93, accounting for nearly half (44%). Of Bank of Hope's 48 branches, 85%, or 41 branches, held over $100 million in deposits.

Hanmi Bank, the second-largest Korean bank in the U.S. with assets of $7.6 billion, had 23 branches, 70% of which exceeded $100 million in deposits. PCB Bank had 10 branches, Open Bank had seven, and CBB Bank and US Metro Bank each had six branches holding more than $100 million.

■ Headquarters Hold the Largest Deposits

In this year's top 10 branch deposit rankings, Bank of Hope had five branches in the top ten, Hanmi Bank had two, and PCB Bank, Open Bank, and CBB Bank each had one. The survey revealed that the majority of branches with the largest deposits were headquarters branches.

The Wilshire headquarters of Bank of Hope topped the list with deposits of $3.663 billion, being the only branch to surpass the $1 billion mark. This deposit amount was more than five times that of the Bank of Hope Manhattan branch in New York, which ranked fourth with deposits of $696.94 million.

The Wilshire headquarters of Open Bank also ranked highest among its branches with deposits of $715.99 million. PCB Bank's Wilshire headquarters had deposits of $675.41 million, CBB Bank's Wilshire headquarters held $453.85 million, and US Metro Bank's Garden Grove headquarters had deposits of $264.04 million.

Hanmi Bank's Vermont branch was an exception, with deposits of $994.38 million, surpassing its Wilshire headquarters, which held $370.56 million.

While mainstream banks are significantly reducing their branch networks, Southern California Korean banks are largely maintaining their branch networks, a factor contributing to the high number of $100 million branches. Bank of Hope and Hanmi have already established significant nationwide branch networks, but banks with relatively fewer branches in other states, such as PCB Bank, Open Bank, CBB Bank, and US Metro Bank, continue to pursue expansion strategies.

Additionally, many Korean customers still prefer to visit branches in person to handle banking transactions, which is another reason Korean banks are actively expanding their branch networks.

■ 76% of Branches Located in Southern California

Of the 93 branches with deposits exceeding $100 million, 70 (75%) were located in Southern California, reaffirming the region's role as a hub for the Korean-American economy.

Outside Southern California, only 23 branches held more than $100 million. In other states, New York had the most with seven branches, followed by Illinois with four. New Jersey and Washington each had three, while Texas, Georgia, and Hawaii each had one. Northern California, including Silicon Valley and Oakland, had three branches. The combined number of branches in New York and New Jersey was 10, making the East Coast the second-largest Korean economic region in the U.S. after Southern California.

A Korean bank official stated, "The fact that nearly 100 branches of Korean banks in Southern California have over $100 million in deposits reflects the growth of the Korean-American economy in the U.S. Since the 2000s, a significant portion of funds has come from Korean immigrants, as well as international students, expats, and companies from Korea."

Another official added, "Korean customers still tend to prefer holding a portion of their assets in cash, which is why Korean banks have higher deposit amounts compared to mainstream banks."