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Open Bank Announces The Fourth Quarter 2012 Results

Third graph, first sentence of release should read: Another important milestone we achieved in 2012 was crossing the $200 million threshold in the Bank’s assets as of December 31, 2012, compared to $142 million as of December 31, 2011 (sted compared to $142 million as of December 31, 2012).

The corrected release reads:


Open Bank (OTCBB:OPBK) today announced a net income of $784 thousand for the fourth quarter of 2012 and $6.2 million for the twelve months ended December 31, 2012, compared to $131 thousand for the fourth quarter of 2011 and $1.5 million for the twelve months ended December 31, 2011.

Min Kim, President and Chief Executive Officer, said, “Despite the numerous challenges we faced in 2012, including a difficult economic environment, 2012 turned out to be a banner year for the bank. With the lifting of the Consent Orders we are poised for the expansion of our branch offices, where we can provide better services to our customers. Following the opening in November of 2012 of our first branch in the Fashion District of downtown Los Angeles, we opened our second branch in Gardena, California today. We are continuing to seek additional branch locations in Southern California.

“Another important milestone we achieved in 2012 was crossing the $200 million threshold in the Bank’s assets as of December 31, 2012, compared to $142 million as of December 31, 2011. We continued to maintain a high level of demand deposits, at 32% of total deposits as of December 31, 2012, which enabled us to achieve the net interest margin of 4.97% for the quarter. Our asset quality has continued to improve and our Allowance for Loan Losses to Gross Loans dropped below 3%. These successes have allowed us to give back more to our community in 2012. I am very proud of our team for their hard work and grateful to our Board of Directors for their support throughout the year.”

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