|By Marketwired .||
|August 30, 2013 09:30 AM EDT||
LOS ANGELES, CA -- (Marketwired) -- 08/30/13 -- Commonwealth Business Bank (OTCQB: CWBB), a business-focused bank also known as CBB Bank (the "Bank"), announced today that it has appointed Mr. Alvin D. Kang to the Board of Directors of the Bank. The appointment of Mr. Kang to the Company's Board of Directors is effective August 29, 2013.
"We are delighted to have someone of Al's caliber join our Board," said Soon Han Pak, Chairwoman of the Board. "His leadership and business experience will be a great benefit to the Bank and strengthen the Board's oversight capabilities."
Mr. Kang has extensive business experience in the banking and financial services industry. He previously was the President of BBCN Bancorp, Inc. and its subsidiary bank, BBCN Bank (December 2011 - January 2013), and served in several executive officer capacities, including as the President and Chief Executive Officer, of their predecessor institutions, Nara Bancorp, Inc. and Nara Bank (July 2005 - November 2011). Previous to this, Mr. Kang was the Chief Operating Officer and Chief Financial Officer of Broadway Financial Corporation and Broadway Federal Bank (November 2001 - July 2005). Prior to his banking position, Mr. Kang was a partner with KPMG, a major public accounting firm, where his practice included auditing of, and consulting with financial institutions. Mr. Kang earned a Bachelor of Science in Accounting from California State University at Los Angeles, California.
Certain statements or information included in this press release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although the Bank believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Bank can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Bank and described in the forward-looking statements or information. The forward-looking statements or information contained in this document are made as of the date hereof and the Bank undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.