UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 20, 2014
BBCN Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-50245 | 95-4170121 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 3731 Wilshire Boulevard, Suite 1000, Los Angeles, CA | 90010 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (213) 639-1700
________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 20, 2014, BBCN Bancorp, Inc. (the "Company") appointed David P. Malone to the Board of Directors of the Company and its wholly owned subsidiary, BBCN Bank, effective immediately.
Mr. Malone, age 63, recently completed a 15-year tenure at Community Bank in Pasadena, California, where he served as Chairman in 2013, President and Chief Executive Officer from 2008 to 2013, and Chief Operating Officer & Chief Financial Officer from 1998 to 2008. During his professional career, Malone also served as Executive Vice President and Chief Financial Officer for both Metrobank and Merchant Bank of California. He began his professional career as a Certified Public Accountant with Arthur Andersen, where he later served as a Senior Manager, providing strategic and operational consulting services to financial institutions in the Western United States. Qualified as a financial expert under the rules and regulations of the SEC and NASDAQ, Mr. Malone will serve as a member of the Business Risk and Compliance Committee, Audit Committee and Asset/Liability Committee. This appointment increases the membership of the Board of Directors from 10 to 11.
Item 7.01. Regulation FD Disclosure.
A copy of the May 20, 2014 press release announcing the appointment of Mr. Malone is furnished herewith as Exhibit 99.1.
The information included in this report pursuant to Item 7.01 of Form 8-K (including Exhibit 99.1) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No.
Description of Exhibit
99.1
Press release dated May 20, 2014 announcing the appointment of David P. Malone to the Board of Directors.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BBCN Bancorp, Inc.
(Registrant) |
||
| May 20, 2014
(Date) |
/s/ KEVIN S. KIM
Kevin S. Kim Chairman and Chief Executive Officer |
EXHIBIT INDEX
|
Exhibit No.
|
Description of Exhibit
|
|
99.1 |
Press release dated May 20, 2014 announcing the appointment of David P. Malone to the Board of Directors. |
EXHIBIT 99.1
LOS ANGELES, May 20, 2014 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (Nasdaq:BBCN) today announced the appointment of David P. Malone to its Board of Directors of the company and its wholly owned subsidiary, BBCN Bank, effective immediately. Malone will serve as a member of the Business Risk and Compliance Committee, Audit Committee, and Asset/Liability Committee. This appointment increases the membership of the Board of Directors from 10 to 11, with 10 of the members being independent directors.
Malone, age 63, recently completed a 15-year tenure at Community Bank in Pasadena, California, where he served as Chairman in 2013, President and Chief Executive Officer from 2008 to 2013, and Chief Operating Officer & Chief Financial Officer from 1998 to 2008. Under Malone's leadership, Community Bank grew into one of the leading financial institutions in Southern California, with more than $3.0 billion in assets and 17 offices across five counties. While at Community Bank, Malone was responsible for transforming the company into a relationship-oriented community bank, developing a high performing sales culture, introducing new business lines, and expanding the bank's geographical footprint. Malone's efforts helped Community Bank achieve consistent profitability throughout the last recession, generate five consecutive years of balance sheet growth and post record profitability in his last two years as President and Chief Executive Officer.
During his professional career, Malone also served as Executive Vice President and Chief Financial Officer for both Metrobank and Merchant Bank of California. He began his professional career as a Certified Public Accountant with Arthur Andersen, where he later served as a Senior Manager, providing strategic and operational consulting services to financial institutions in the Western United States. Malone earned a Bachelor of Science degree in Accounting from California State University, Northridge.
"We believe David is one of the most accomplished bankers in Southern California and will be a valuable addition to our Board of Directors," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp. "Having served as CEO, COO and CFO of a multi-billion dollar community bank, David has a well-rounded perspective on key areas such as strategic planning, new business development, branding, product development, personnel development, and performance evaluation and measurement. We look forward to David's contributions as we continue to expand our product and service offerings and strengthen BBCN's leadership as the premier Korean-American bank in the United States."
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.7 billion in assets as of March 31, 2014. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 49 branches in California, New York, New Jersey, Illinois, Washington and Virginia, along with six loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California and Annandale, Virginia. BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about future operations and projected full-year financial results that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussions of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.
CONTACT: Angie Yang
SVP, Investor Relations
213-251-2219
angie.yang@BBCNbank.com