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Thursday, June 20, 2024

PCB Bank celebrates 20 years with vision of $5 billion asset with 20 branches

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PCB Bank CEO Henry Kim (right) and Board Chairman Sang Young Lee (left) celebrate the bank’s 20th anniversary on September 18, outlining their vision and strategy to become a $5 billion asset bank over the next 20 years. [Provided by PCB Bank]

“We will prepare for the next 20 years and become a big bank.”
On September 18, PCB Bank celebrated its 20th anniversary. Established on September 18, 2003, with its first branch on Wilshire Boulevard in Koreatown, Los Angeles, PCB Bank now boasts $2.5 billion in assets and 16 branches across four states on both the East and West coasts.

“We’ve crafted a roadmap for the next 20 years aiming to reach a $5 billion asset bank. This plan incorporates multiple strategies, including customer-centric sales, human resource expansion, developing new growth engines, widening our regional networks, and enhancing shareholder benefits,” articulated Henry Kim, CEO of PCB Bank. He also mentioned the bank’s active exploration of potential mergers and acquisitions (M&A) with other institutions.

Reflecting on his two-decade experience with the bank, Kim said that navigating through various crises has equipped him to position PCB Bank for substantial growth. During the 2008 financial crisis, he honed skills in managing non-performing assets, preserving asset quality, and expanding liquidity. “In that challenging time,” Kim noted, “we realized the importance of collaboration between the employees and the board of directors, which will be vital as we evolve into a larger bank.”

Sang Young Lee, Chairman of PCB Bank’s Board of Directors, who steered the board during the 2009 financial crisis, emphasized the cooperative culture at PCB. “Throughout these 20 years, every challenge was met with trust and support from the directors towards the management. This symbiotic relationship, where management took into account the board’s advice, is what has defined PCB’s success thus far and what will shape our future,” said Lee.

Such a culture of mutual respect and cooperation ensured organizational stability and internal growth. Currently, the bank is setting the stage for expansion, particularly through M&A.
Amidst the volatile financial landscape, both Kim and Lee view crises as opportunities. Kim believes it’s the opportune moment for PCB to expand. “While we pursue M&As, our goal is not merely expansion but genuine growth – by reducing costs and increasing profitability,” Lee added.

“We are also broadening our sales network,” Kim shared, “with plans to venture into states like New York, New Jersey, Texas, Georgia, and Washington, aiming to have 20 branches.” This expansion strategy is aligned with their objective to acquire new customers and growth avenues. “Reaching out to diverse communities and catering to their unique needs will distinguish us from competitors,” Lee commented.

Reflecting on the past, Kim, a founding member, expressed gratitude, saying, “The last 20 years were shaped by our customers’ trust and our employees’ commitment. Together with directors Don Rhee, Kijun Ahn, Haeyoung Cho, Janice Chung, Daniel Cho, and Hong Kyun “Daniel” Park, we’re gearing up for the decades ahead. We remain devoted to our foundational principle – to contribute to and grow alongside the community.”

BY HOONSIK WOO [woo.hoonsik@koreadaily.com]