Bringing East Coast and Texas Experience to Reinforce Growth
CBB Bank has appointed Seungho Park, 63, as its new president and CEO, replacing Richard Koh, who stepped down after seven months in the position.
Park has served as Executive Vice President and Chief Commercial Banking Officer for CBB’s East Coast operations since January of last year, overseeing the bank’s commercial lending and regional expansion efforts in New Jersey. A native of New York, Park began his career in Manhattan, serving as head of corporate banking at Industrial Bank of Korea in 2000. He later built extensive experience in commercial banking through leadership roles at Wilshire State Bank and Bank of Hope.
Park holds a bachelor’s degree in business administration from Yonsei University and completed an MBA program at Western University (University of Western Ontario) in Canada.
Park Aims to Inject “New Energy” Into CBB’s Operations
In an interview with the Korea Daily, Park said the bank needed “new energy” amid challenging economic conditions.
“Given the difficult economic environment and the bank’s recent performance,
there was a shared understanding that CBB needed a fresh atmosphere and renewed momentum.”
Park acknowledged that the bank faces several pressing challenges.
CBB’s total assets fell 19% year-over-year in the third quarter, yet the East Coast division recorded roughly $770 million in loan production and expanded its branch network to three locations — momentum he believes should be leveraged to drive a turnaround.
He noted that his experience as a chief financial officer (CFO) and his extensive background in lending will be critical as he prioritizes active marketing and business development initiatives.
“Different Markets, Same Principles”
While recognizing that the West Coast presents a more competitive landscape for Korean American banks compared to the East Coast, Park said the core principles of customer service remain unchanged.
“Competition is tougher in the West, and the customer approach is somewhat different.
But responding to what customers truly need is universal.”
Leveraging his previous leadership experience in Texas, Park said he intends to “bring CBB back on track” and accelerate its growth efforts.
Scheduled to Move to Los Angeles in Early December
Park is completing his responsibilities on the East Coast and plans to relocate to Los Angeles in early December, where he will formally introduce himself to customers and the Korean American community.
