Saehan Bancorp (OTCBB:SAEB), parent company of Saehan Bank, today announced that the Federal Deposit Insurance Corporation and the California State Department of Financial Institutions have terminated a Consent Order issued in January 2011, reflecting management’s success in improving the bank’s financial condition.
“This regulatory decision marks an important milestone in Saehan Bank's recovery efforts. We greatly appreciate the contributions of our board and employees during the past few years as we focused on improving the bank’s capital position, asset quality and profitability. Equally important, we are grateful to our customers and shareholders for their support and confidence in our financial institution," said Dong Il Kim, president and CEO.
About Saehan Bancorp
Saehan Bancorp is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive range of financial solutions to meet the needs of the Korean-American community in Los Angeles. Saehan Bancorp is committed to satisfying customers and creating shareholder value. Its ten retail branch offices, International Department, and SBA Department of Saehan Bank focus on fulfilling these commitments to customers and shareholders.Safe Harbor Statement This press release may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from the projected, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”