CBB Bancorp, Inc.("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank (the "Bank"), today announced that the Bank has entered into a new employment agreement, with Joanne Kim, who has served as the President and CEO of the Bank for the past eight years and has served as President and CEO of the Company since it was formed as the holding company for the bank in 2017.
The new agreement, effective April 19, 2019, has a term of three years and provides for an annual base salary of $400,000 plus other employee benefits and the grant to Ms. Kim of stock options to purchase 45,000 shares of the Company’s common stock with a 10-year term expiring April 19, 2029.
The stock options will vest (become exercisable) in annual 25% increments on the anniversary dates of grant, subject to acceleration of the final 25% increment in the event Ms. Kim’s employment agreement is not renewed.
“Under Joann’s leadership, the Company’s financial condition and operating results over the last eight years have been solid, leading to a significant increase in shareholder value and marketplace recognition,” commented Soon Han Pak, Chairwoman of the Board.
“The Board feels confident that Joanne can continue the Company’s trajectory of profitability by continuing to implement the Company’s business strategies that she has been instrumental in developing.”
About CBB Bancorp, Inc.
CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in small-to medium-sized businesses and does business as “CBB Bank.” The Bank has eight full-service branches in Los Angeles, Orange, and Dallas Counties; two SBA regional offices in Los Angeles and Dallas Counties; and six loan production offices in Texas, Georgia, Colorado, Utah and Washington.
For additional information, please go to www.cbb-bank.com