opbk-8k_20200909.htm

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): September 9, 2020

OP BANCORP

(Exact name of registrant as specified in its charter)

California		001-38437		81-3114676
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1000 Wilshire Blvd., Suite 500, Los Angeles, CA		90017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (213) 892-9999

Not Applicable

(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 (See General Instruction A.2. below):

☐	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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

OPBK

NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☒

Item 8.01.

Other Events

On September 9, 2020, OP Bancorp, (the “Company”), the bank holding company of Open Bank (the “Bank”) issued a press release announcing that its Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to 500,000 shares of its common stock in open market. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information in this report set forth under Item 8.01 of form 8-K and the exhibits hereto shall not be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Securities Act of 1934, except as expressly stated by specific reference in any such filing.

Item 9.01.

Financial Statements and Exhibits

(D) Exhibits.

99.1

Press Release of OP Bancorp, issued September 9, 2020, entitled “OP Bancorp Announces Additional Stock Repurchase Program”.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

EXHIBIT INDEX

Exhibit No.		Description

99.1		Press Release of OP Bancorp, issued September 9, 2020, entitled “OP Bancorp Announces Additional Stock Repurchase program”.

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 thereunto duly authorized.

	OP Bancorp

DATED: September 9, 2020	By:	/s/ Christine Oh
		Christine Oh
		Executive Vice President and
		Chief Financial Officer

opbk-ex991_6.htm

Exhibit 99.1

OP Bancorp Announces Additional Stock Repurchase Program

LOS ANGELES, September 9, 2020 — OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), announced today that its Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to 500,000 shares of its common stock.

“We believe that the Company’s stock is undervalued relative to our solid fundamentals, and this additional repurchase program will demonstrate the Company’s confidence in the stock to the market,” said Min Kim, President and Chief Executive Officer of OP Bancorp and Open Bank.

On May 1, 2020, the Company completed its recent stock repurchase program that was announced in February 2020 with purchases of 500,000 shares at an average price of $7.77 per share. Since the Company announced its first stock repurchase program in January 2019, the company has repurchased a total of 1.37 million shares at an average price of $8.84 per share.

Shares may be purchased in open market transactions, through block trades, in privately negotiated transactions, or by other trading plans as determined by OP Bancorp’s management and in accordance with the Rule 10b5-1 of the Securities and Exchange Commission.

The repurchase program may be suspended, terminated, or modified at any time. The time of purchases and amount of share repurchase may be affected by variety factors including market conditions, price, trading volume and regulatory requirements.

About OP Bancorp

OP Bancorp, the holding company for Open Bank (the “Bank”), is a California corporation whose common stock is quoted on the Nasdaq Global Market under the ticker symbol, “OPBK.” The Bank is engaged in the general commercial banking business in Los Angeles, Orange, and Santa Clara Counties, California and Carrollton, Texas and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. The Bank currently operates with nine full branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Gardena, Buena Park, and Santa Clara, California, and Carrollton, Texas. The Bank also has four loan production offices in Atlanta, Georgia, Aurora, Colorado, and Lynnwood and Seattle, Washington. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender.

Contact

Investor Relations

OP Bancorp

Christine Oh

EVP & CFO

213.892.1192

Christine.oh@myopenbank.com

Document and Entity Information	Sep. 09, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 09, 2020
Entity Registrant Name	OP BANCORP
Entity Central Index Key	0001722010
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity File Number	001-38437
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	81-3114676
Entity Address, Address Line One	1000 Wilshire Blvd
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90017
City Area Code	213
Local Phone Number	892-9999
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	OPBK
Security Exchange Name	NASDAQ