Korean American banks headquartered in Southern California are rapidly expanding into the East Coast, signaling a strategic push to capture new markets and meet growing corporate finance demand in regions like Georgia and New Jersey.
The most recent entrant is PCB Bank, which officially opened a new branch in Suwanee, Georgia, on July 8. This follows Hanmi Bank’s launch of its first East Coast branch in Duluth, Georgia, on June 5, and CBB Bank’s opening of a branch in Fort Lee, New Jersey, in May. CBB Bank also plans to establish a branch in Atlanta later this year.
All three banks are based in Southern California and are now targeting the East Coast as a new growth frontier.
The shift stems from increasing saturation in the Southern California market. Areas with high concentrations of Korean Americans, such as Los Angeles and Orange County, are already crowded with branches, leading to intense competition. In addition, Korean banks with headquarters in South Korea—such as Shinhan America Bank and Hana Bank USA—are doing business in the Western U.S. market, further intensifying the competitive landscape.
Banking industry leaders widely recognize that further branch expansion within a fixed customer base is limited. As a result, exploring new regional markets has become essential.
Georgia stands out as a promising growth hub. The Atlanta area has seen a rise in Korean conglomerates establishing manufacturing and logistics facilities. These developments have attracted affiliated companies and a rising Korean American population. Demand for business lending, especially in the manufacturing sector, continues to grow, making the region particularly attractive to banks.
Currently, Bank of Hope, Hanmi Bank, and PCB Bank—all Southern California-based—operate branches in Georgia.
A bank official remarked, “When visiting Georgia, the growth of the Korean American economy is very apparent,” adding that Korean residents from nearby states like Alabama and Florida often gather on weekends in Korean-populated areas like Duluth and Suwanee.
In line with this regional shift, Bank of Hope has strengthened its support for Korean corporate clients. Since April 2025, the bank has established Korean Corporate Banking Support Centers in six key U.S. locations: Los Angeles, New York, New Jersey, Atlanta, Houston, and Dallas. Half of these are on the East Coast. The centers offer comprehensive services—including account setup, loans, and legal and tax consultation—for Korean companies expanding into the U.S.
The trend also flows in reverse, with East Coast-based Korean American banks entering the West. Metro City Bank, headquartered in Atlanta, recently completed a merger with First IC Bank. The deal expands its asset base and facilitates a broader reach in Southern California. In a March interview with this newspaper, Dong Wook Kim, the president of First IC Bank, said that the LA branch would become Metro City Bank’s primary foothold in the region once the merger is finalized.
A Korean American banking sector official stated, “East Coast expansion is a long-term strategic decision rather than a short-term gain,” noting that Georgia, in particular, has a high concentration of corporate clients with strong ties to Korean parent companies—making it an ideal region to showcase Korean American banks’ corporate finance capabilities.
Observers note that this trend is more than just geographic expansion. It marks a shift toward corporate banking as a core area of competitiveness. As a result, markets like Georgia and New Jersey are expected to emerge as critical battlegrounds for Korean American banks in the coming years.
BY WONHEE CHO [cho.wonhee@koreadaily.com]
