CBB Bancorp Announces Leadership Transition as CEO James Hong Retires; Richard Koh Named Successor
CBB Bancorp, Inc. (OTCQX: CBBI), the holding company for Commonwealth Business Bank, has officially announced a significant transition in its executive leadership. James Hong, who has served as President and Chief Executive Officer of both CBB Bancorp and Commonwealth Business Bank, will be retiring from his roles effective April 18, 2025. This change marks a new chapter for the organization, which has grown under Mr. Hong’s leadership over the past three years and is now preparing to enter a new phase under the guidance of a familiar and seasoned executive.
The announcement, made by the Board of Directors, acknowledged the impactful contributions Mr. Hong has made during his tenure at the helm of the company. Under his stewardship, CBB has navigated through a complex and dynamic economic environment, emerging with stronger fundamentals and a sharper strategic focus.
“On behalf of the Board of Directors and our stockholders, I would like to extend our deepest appreciation to James Hong for his three years of dedicated service,” said Soon Pak, Chairwoman of the Board of both CBB Bancorp and CBB Bank. “James has led the company with vision and integrity, and his leadership has played a central role in CBB’s continued growth, improved operational performance, and enhanced market positioning. His efforts have laid a solid foundation for the future, and we are grateful for his invaluable contributions.”
A Period of Leadership and Strategic Growth
Mr. Hong’s leadership tenure at CBB has been marked by a clear commitment to expanding the bank’s reach, improving operational efficiency, and strengthening relationships within the Korean-American business community and beyond. During a time of macroeconomic uncertainty and evolving banking regulations, Mr. Hong successfully guided CBB through challenges while maintaining a steady focus on the company’s long-term goals.
With a strong background in banking and a deep understanding of the community CBB serves, Mr. Hong implemented initiatives that enhanced customer engagement, invested in technology to improve service delivery, and emphasized sound risk management. These initiatives resulted in stronger earnings and greater resilience, positioning the bank for future success in a competitive financial services landscape.
Richard Koh to Assume CEO Role
As part of the planned succession strategy, the Board of Directors also announced that Richard Koh, currently serving as Executive Vice President and Chief Financial Officer, will succeed Mr. Hong as President and CEO of both the company and the bank.
Koh, a respected and experienced executive in the Korean-American banking sector, brings over two decades of senior leadership experience, including key roles in the Los Angeles banking market—one of the most competitive and diverse financial hubs in the nation. His appointment reflects the Board’s confidence in his deep knowledge of the company, its customers, and the strategic opportunities ahead.
“Richard Koh brings a wealth of executive-level experience to this role,” said Chairwoman Soon Pak. “His leadership in the Korean-American banking market, especially in Los Angeles, gives him a unique perspective that aligns perfectly with CBB’s mission and vision. The Board and I are confident that he will continue to drive sustainable growth, uphold our commitment to customer excellence, and guide the company through the next chapter of its journey.”
A Trusted Leader Ready to Step In
Having served as CFO since joining CBB, Koh has played an instrumental role in shaping the company’s financial strategy and ensuring a solid balance sheet. Under his financial leadership, CBB has demonstrated strong fiscal discipline and operational efficiency, while continuing to invest in talent and technology to support the bank’s evolving needs.
Koh’s financial acumen, strategic mindset, and long-standing ties to the community position him well to lead the organization forward. His appointment also ensures continuity, as he has worked closely with Mr. Hong and other senior leaders to develop and execute the company’s strategic plan.
In his new role as CEO, Koh will oversee all aspects of the organization’s operations, with a continued focus on delivering value to shareholders, supporting the needs of small and medium-sized businesses, and further strengthening the bank’s standing in key markets.
Looking Ahead: Continuity and Growth
This leadership transition arrives at a moment when CBB Bancorp is well-positioned for continued momentum. With a strong capital base, a diverse and loyal customer base, and a seasoned leadership team, the company is poised to deepen its market presence and expand its services in core banking segments.
In recent years, CBB has focused heavily on serving the financial needs of small business owners, entrepreneurs, and commercial real estate investors—especially within the Korean-American and broader Asian-American communities. These efforts have contributed to strong community engagement and brand loyalty, which remain central to the company’s identity and strategy.
Looking forward, Richard Koh is expected to build upon these strengths while identifying new opportunities for digital innovation, operational scalability, and market expansion. His understanding of emerging trends in banking, including fintech collaboration, data analytics, and evolving regulatory standards, will be vital as the company continues to modernize its approach while preserving its community bank values.
Gratitude and Farewell to Mr. Hong
Mr. Hong’s retirement concludes a meaningful chapter in CBB’s corporate story. The Board emphasized that his legacy will be remembered not only in the bank’s improved financial metrics, but also in the culture of collaboration and excellence he helped nurture.
“We are grateful for Mr. Hong’s steady leadership and his focus on building a stronger, more agile bank,” said Chairwoman Pak. “He brought strategic clarity, operational focus, and a sense of purpose that helped shape who we are today. We wish him all the best in his well-deserved retirement.”
About CBB Bancorp
CBB Bancorp, Inc. is a California-based bank holding company headquartered in Los Angeles. Through its primary subsidiary, Commonwealth Business Bank (CBB Bank), the company offers a wide array of financial services focused on commercial lending, small business banking, and trade finance. With multiple branches across California, Texas, and other key markets, the bank is dedicated to serving the financial needs of diverse communities with personalized service and deep market knowledge.
CBB Bank has carved out a niche within the Korean-American business community by offering customized financial solutions that reflect cultural understanding and bilingual service. The bank is also known for its entrepreneurial approach to banking, giving clients flexible tools to grow their businesses.
As CBB moves into the next phase of leadership, the company remains committed to empowering its customers, supporting its employees, and delivering long-term value to shareholders.
About CBB Bancorp, Inc.
CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank specializing in serving small to medium-sized businesses, operating under the name “CBB Bank.” The Bank operates twelve full-service branch offices in Los Angeles and Orange Counties, California; Dallas County, Texas; Honolulu, Hawaii; and Bergen County, New Jersey, as well as loan production offices in Georgia and Washington.
