CBB Bancorp, the parent company of CBB Bank (CEO James Hong), held its 2024 Annual Shareholders Meeting on the 26th at its LA headquarters.

During the meeting, key resolutions, including the re-election of six board members—Chairman Soon Han Park, Director Won Sook Jung, Director Chun Yeol Yeh, Director Douglas Goddard, Director James Walter, and ex officio Director and CEO James Hong—were approved by the shareholders. These directors will serve on the board for one year, until the next annual meeting.

According to the proxy statement released by the bank, CEO James Kim received a total compensation of $637,039 in 2023, which included base salary, bonuses, and stock options. This represents a 14.9% decrease from his 2022 compensation of $748,293, mainly due to reductions in bonuses and stock options.

Chairman Soon Han Park emerged as the bank’s largest individual shareholder, holding 12.03% (1,245,940 shares) of the total issued stock. He was followed by Director Won Sook Jung with 11.56% (1,196,085 shares), Director Chun Yeol Yeh with 3.74% (365,758 shares), and CEO James Hong with 0.20% (21,250 shares). The total shareholding of the board members and executives, comprising 11 individuals, amounted to 27.34% (2,807,783 shares).

In terms of director compensation, Chairman Soon Han Park received $98,645 last year, while the other directors received between $71,650 and $84,900 in fees and allowances. During his management report, CEO James Hong stated, "In this unstable economic environment, the bank is focusing on solidifying its foundation," and added, "Through continued expansion and growth, we aim to better meet the needs of our customers and become the leading Korean-American bank."

With the conclusion of CBB Bank’s annual general meeting, all six Korean-American banks headquartered in Southern California—Bank of Hope, Hanmi Bank, PCB Bank, Open Bank, and US Metro Bank—have now completed their 2024 shareholders meetings.

— Reporter Hwandong Cho

<Hwandong Cho>