Open Bank

Open Bank is an American community bank headquartered in Los Angeles, California. The bank was established on June 10, 2005, under the name First Standard Bank as a California state-chartered institution. It adopted the Open Bank name in October 2010, reflecting a broader community-banking identity and its emphasis on accessible, relationship-oriented financial services. The bank focuses on community and commercial banking rather than operating as a nationwide mass-market institution. Its customer base includes individuals, small and medium-sized businesses, commercial property owners, and members of Korean American communities. Open Bank has described its approach as faith-based community banking, with relationship banking and local customer connections positioned as central elements of its service model. This orientation places the institution among the Korean American banks operating in the United States. Open Bank’s services include deposit products such as checking and savings accounts, certificates of deposit, money-market accounts, retirement accounts, and other demand and time deposits. It also provides business and commercial credit, including business lines of credit, business term loans, commercial real-estate term loans, and lending supported by Small Business Administration programs. Trade-finance services include letters of credit, import and export financing, revolving credit facilities, and collection services. The bank also offers home-mortgage financing and a range of digital and transactional services, including online and mobile banking, bill payment, card services, funds transfers, cash management, electronic statements, and safe-deposit boxes. The institution expanded its public-company profile in 2018. In March of that year, it announced an initial public offering of common stock involving 2,000,000 shares. The offering was marketed at an indicated price range of $9.50 to $11.50 per share. On April 6, 2018, chief executive officer Min Kim participated in the NASDAQ closing-bell ceremony associated with the offering. The available reference material does not provide the final offering price, exchange ticker, proceeds, or subsequent ownership details. As reported for 2022, Open Bank had nine branches in California, one in Texas, and one in Nevada. It also maintained four loan-production offices—two in Washington, one in Colorado, and one in Georgia—as well as a home-loan center in Los Angeles. Its physical footprint therefore combined a California-centered branch network with lending offices in additional U.S. states. Open Bank should not be confused with Openbank, the digital-banking brand associated with Banco Santander in Spain; the authoritative Wikipedia subject for this dossier is the U.S. community bank.

Open Bank began operations on June 10, 2005, as First Standard Bank. It was organized as a California state-chartered bank and headquartered in Los Angeles. From its beginning, the institution operated as a community bank rather than as a national consumer-banking franchise, emphasizing local relationships and services for individuals and businesses. The bank changed its name to Open Bank in October 2010. The rebranding marked the institution’s development under a name intended to convey accessibility and a broader community orientation. Its business model remained centered on relationship banking, with a stated faith-based identity and a particular focus on Korean American communities. This focus placed Open Bank within a specialized segment of the American banking market that combines conventional commercial banking with community and cultural ties. Open Bank’s product range developed across both retail and commercial banking. For consumers, it offered checking and savings accounts, certificates of deposit, money-market accounts, retirement accounts, demand and time deposits, debit and credit cards, online banking, mobile banking, bill payment, transfers, electronic statements, and safe-deposit facilities. For businesses, its services included commercial checking and cash management, business lines of credit, business term loans, commercial real-estate lending, and trade-finance products. Trade-finance capabilities included letters of credit, import and export financing, revolving credit, and clean and documentary collections. The bank also provided Small Business Administration lending and home-mortgage solutions. A significant corporate milestone occurred in 2018. In March, Open Bank announced an initial public offering of 2,000,000 shares of common stock. The announced price range was $9.50 to $11.50 per share. On April 6, chief executive officer Min Kim rang the closing bell at NASDAQ, an event associated with the offering and the bank’s transition into a publicly traded-company context. The supplied reference does not identify the final issue price, ticker, exchange listing details beyond the NASDAQ ceremony, or later financial performance. By 2022, the bank’s network consisted of nine California branches, one Texas branch, and one Nevada branch. It additionally operated four loan-production offices, including two in Washington, one in Colorado, and one in Georgia, together with a home-loan center in Los Angeles. The distribution model combined branch banking in core markets with geographically dispersed lending offices. Open Bank thus continued to present itself as a U.S. community and commercial bank with a strong Korean American customer focus, rather than as the Spanish digital-banking brand that shares the Openbank name.

• 2022

  Reported branch and lending-office footprint

  [1]Open Banken.wikipedia.org

  The bank was reported to have nine California branches, branches in Texas and Nevada, four loan-production offices, and a Los Angeles home-loan center.

• 2018

  Initial public offering announced

  [1]Open Banken.wikipedia.org

  Open Bank announced an offering of 2,000,000 common shares at an indicated price range of $9.50 to $11.50 per share.

• 2018

  NASDAQ closing-bell event

  [1]Open Banken.wikipedia.org

  CEO Min Kim rang the NASDAQ closing bell on April 6 in connection with the public offering.

• 2010

  The bank adopts the Open Bank name

  [1]Open Banken.wikipedia.org

  First Standard Bank changed its name to Open Bank in October.

• 2005

  First Standard Bank is established

  [1]Open Banken.wikipedia.org

  The institution was established on June 10 as a California state-chartered bank headquartered in Los Angeles.

A relationship-focused, faith-based community bank serving consumers, small and medium-sized businesses, and Korean American communities in the United States.

• Retail banking

  Deposit accounts

  Open Bank offers consumer and business deposit products, including checking and savings accounts, certificates of deposit, money-market accounts, retirement accounts, and other demand or time deposits. These accounts form the core funding and transactional relationship between the bank and its community customers.

• Business banking

  Commercial lending

  The bank provides credit for businesses through business lines of credit, business term loans, and commercial real-estate term loans. The lending proposition is oriented toward small and medium-sized enterprises and locally connected commercial borrowers.

• Trade finance

  Trade finance

  Open Bank’s trade-finance services include letters of credit, import and export financing, revolving lines of credit, and clean and documentary collections. These products support commercial customers engaged in domestic and international trade.

• Small-business finance

  Small Business Administration lending

  The bank offers lending products associated with the U.S. Small Business Administration, giving eligible small-business borrowers access to government-supported financing structures in addition to conventional commercial credit.

• Mortgage banking

  Home mortgage solutions

  Open Bank provides home-mortgage financial solutions through its mortgage business and home-loan-center structure. The available reference identifies mortgage services but does not specify particular loan products, rates, or eligibility terms.

• Digital banking

  Digital banking services

  The bank supports customers through online banking, mobile banking, bill payment, electronic statements, transfers, card services, and cash-management tools. These services complement its branch and relationship-banking model rather than defining it as a digital-only institution.

• 2018

  Proceed with an initial public offeringOther

  Background

  Open Bank announced an offering of 2,000,000 shares of common stock as part of its development as a public banking company.

  Action taken

  The bank announced the offering with an indicated price range of $9.50 to $11.50 per share and associated itself with a NASDAQ closing-bell event.

  Aftermath

  The supplied reference confirms the April 6 NASDAQ ceremony but does not provide the final offering price, proceeds, ticker, or later market performance.

  Announced offering size and indicative price range. 2,000,000 shares offered; $9.50-$11.50 per share indicated range (March-April 2018)

  Source

• 2018

  Open Bank announces initial public offering of common stock[1]Open Banken.wikipedia.org

  M&A

  The bank announced an initial public offering involving 2,000,000 shares of common stock, with an indicated price range of $9.50 to $11.50 per share.

• 2018

  Open Bank CEO participates in NASDAQ closing-bell ceremony[1]Open Banken.wikipedia.org

  Other

  Chief executive officer Min Kim rang the NASDAQ closing bell on April 6 in connection with the bank’s public offering.

1. 1Open Banken.wikipedia.org