CBB Bancorp Elevates Alex Ko to Chief Operating Officer

CBB Bancorp, Inc. (OTCQX: CBBI), the parent company of Commonwealth Business Bank, has appointed Alex Ko as its new Executive Vice President and Chief Operating Officer, effective January 2, 2025. This strategic move comes as the company aims to enhance its operational capabilities and drive future growth.

With over 27 years of experience in the banking and finance sector, Ko brings a wealth of expertise to CBB Bancorp. His previous role as Senior Executive Vice President and Chief Financial Officer at Bank of Hope saw him spearheading significant strategic growth initiatives, operational enhancements, and mergers and acquisitions. Additionally, Ko spent 12 years at KPMG, where he provided audit and advisory services to various financial institutions. His comprehensive background positions him well to contribute to CBB Bancorp’s objectives.

James Hong, President and CEO of CBB Bank, expressed enthusiasm about Ko’s appointment, stating, “We are pleased to welcome Mr. Ko to our executive team. His extensive expertise in banking and finance, combined with his proven leadership in driving operational improvements and strategic growth, will play a vital role in advancing our organizational goals and long-term success.”

CBB Bancorp operates as a full-service commercial bank under the name “CBB Bank,” focusing on providing financial services to small- and medium-sized businesses. The bank has a robust presence with eleven full-service branches located in Los Angeles and Orange Counties in California, Dallas County in Texas, and Honolulu, Hawaii. In addition to these branches, CBB Bancorp operates two SBA regional offices in Los Angeles and Dallas Counties, along with loan production offices in Georgia and Washington.

In conjunction with Ko’s appointment, CBB Bancorp also announced a quarterly cash dividend of $0.10 per common share. This dividend is set to be payable on February 28, 2025, to stockholders of record as of February 14, 2025. This dividend reflects the company’s commitment to delivering value to its shareholders while maintaining a solid financial foundation.

For the fourth quarter of 2024, CBB Bancorp reported a net income of $5.7 million ($0.54 per diluted share), showing a slight increase from $5.6 million ($0.53 per diluted share) in the previous quarter. However, the full-year net income for 2024 was reported at $22.4 million ($2.12 per diluted share), down from $28.9 million ($2.72 per diluted share) in 2023.

The bank’s net interest margin decreased to 3.55% from 3.71% in the prior quarter, indicating some pressure on interest income amidst a challenging economic environment. Despite this decline, total deposits rose by $33 million (2.3%) quarter-over-quarter, reflecting continued customer trust and engagement.

The appointment of Alex Ko as COO marks a significant step for CBB Bancorp as it seeks to bolster its operational framework and drive sustainable growth in the competitive banking landscape. With a seasoned leader at the helm of operations and a commitment to shareholder returns through dividends, CBB Bancorp is poised for continued development as it navigates future challenges and opportunities, while remaining focused on its mission to serve small to medium-sized businesses.

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