Steven S. Koh(고석화), Honorary Chairman of Bank of Hope, has announced his retirement, bringing to a close more than four decades of leadership in the Korean American banking industry. Widely recognized for guiding the growth of community banks into regional institutions, Koh, 80, says his next chapter will focus on service and philanthropy.
“My first act has ended, and now I’m opening the door to a second one,” Koh said in an interview at Bank of Hope’s Wilshire headquarters.
“After decades of walking a tightrope in business, I want to dedicate myself to sharing what I have, even if it’s just a small lunchbox for someone in need.”
Koh immigrated to the U.S. in 1971 and entered banking in 1986 at Wilshire Bank after working in the steel industry. He played a pivotal role in strengthening capital, overseeing mergers and acquisitions, and laying the foundation for Bank of Hope to become the nation’s first Korean American regional bank.
One of the toughest moments of his career, he recalled, came during Wilshire Bank’s capital raise in 2003. “It was a matter of survival, and expanding the board was also a mission. It was one of the most stressful periods of my life,” he said. The successful fundraising paved the way for Korean American banks to expand through mergers, eventually leading to Wilshire Bank’s merger with BBCN, which created Bank of Hope in 2016.
In his 2023 memoir, A Lonely Challenge, Beyond the American Dream, Koh stressed the importance of social responsibility in banking.
“Banks exist to pursue profit,” he wrote, “but they must also take responsibility for their customers and the communities they serve.”
Looking ahead, Koh said he expects further consolidation among Korean American banks and encouraged the next generation of leaders to embrace ownership-minded responsibility.
“There’s nothing more fulfilling than doing your very best,” he said. “Don’t just act as managers who follow orders—work with the mindset of owners who take responsibility.”
Through the Koh-Sun Foundation, which he founded with his family, he plans to continue supporting community organizations and providing scholarships for students, including those at his alma mater, Yonsei University.
As for daily life after retirement, Koh laughed and said: “You’ll see me at the ping pong table. I want to learn guitar, train with a physical coach, and play a lot of golf. I plan to live more joyfully and energetically.”
Bank of Hope will host a retirement ceremony for Koh on December 10 to honor his contributions and celebrate the beginning of his new chapter.
