Jae H. Park
About Jae H. Park
Executive Vice President and Chief Risk Officer at Open Bank since June 2022; age 46 as of May 16, 2025 . Background includes two decades in community banking with specialized expertise in regulatory compliance, BSA/AML, CRA, and enterprise risk; prior roles: CRO at Sunwest Bank (2021–2022) and EVP/Chief Compliance Officer at First Choice Bank (2013–2021) . Education and credentials: BA in Mathematics (University of Washington), Executive Leadership Training (UW Foster School), Pacific Coast Banking School; professional certifications CRCM, CAMS-Audit, CAFP, and CIPP/US . Company performance context: ROA 0.92%, ROE 10.68%, efficiency ratio 61.19% in 2024 and TSR value of a $100 investment = $144 in 2024; Net Income $21.1M, vs $23.9M in 2023 and $33.3M in 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sunwest Bank | Executive Vice President & Chief Risk Officer | 2021–2022 | Led enterprise risk and compliance functions at regional bank |
| First Choice Bank | EVP & Chief Compliance Officer | 2013–2021 | Built and managed compliance/BSA/AML programs; enhanced regulatory posture |
External Roles
- None disclosed in company filings for public/director roles; professional certifications held: CRCM, CAMS-Audit, CAFP, CIPP/US .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) |
|---|---|---|---|
| 2024 | Not disclosed for Jae H. Park | “Other executive officers” eligible up to 35% of base salary under Management Incentive Plan | Not disclosed for Jae H. Park |
The Management Incentive Plan caps were 100% for CEO and up to 35% for other executive officers; payout contingent on Bank and Individual Goals .
Performance Compensation
| Metric | Weighting (Other Execs) | 2024 Target | 2024 Actual | Payout (Jae H.) | Vesting/Payment Timing |
|---|---|---|---|---|---|
| ROA | 60% (Bank Goals share) | 1.01% | 0.92% | Not disclosed | Cash bonus decisions in March 2025 under MIP |
| ROE | 60% (Bank Goals share) | 11.30% | 10.68% | Not disclosed | Cash bonus decisions in March 2025 under MIP |
| Efficiency Ratio | 60% (Bank Goals share) | 57.35% | 61.19% | Not disclosed | Cash bonus decisions in March 2025 under MIP |
| Individual Goals | 40% | Customized to role | Company assessed | Not disclosed | Cash bonus decisions in March 2025 |
2024 MIP weighting: Other executive officers 60% Bank Goals / 40% Individual Goals; no bonus if <80% of goals achieved .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Statement of Beneficial Ownership (Form 3) | Filed July 18, 2022: “No securities are beneficially owned.” |
| Amended Form 3 (Form 3/A) | Filed Dec. 16, 2022: 19,231 RSUs granted June 6, 2022; vest in five equal annual installments beginning June 6, 2023 (then annually through June 6, 2027); RSUs convert 1:1 to common stock |
| Option Awards | None disclosed; 2021 Equity Plan granted RSUs; there were no stock options granted under the plan as of Dec 31, 2024 |
| Plan Pool & Overhang | 250,088 RSUs outstanding at weighted average issue price $11.78; 1,078,188 shares available for future issuance under 2021 Plan (as of 12/31/2024) |
| Beneficial Ownership % | Not individually disclosed for Jae H. Park in 2025 proxy; group beneficial ownership (directors & executive officers as a group): 20.35% |
| Hedging/Pledging | Insider Trading Policy exists; policy governs trading and dispositions; specific hedging/pledging restrictions not detailed in proxy |
| Ownership Guidelines | Not disclosed in proxy for executives |
Vesting Schedule – RSU Grant
| Grant Date | Instrument | Total Units | Vesting Start | Vesting Frequency |
|---|---|---|---|---|
| June 6, 2022 | RSUs | 19,231 | First anniversary of grant (June 6, 2023) | Equal annual installments over 5 years |
Employment Terms
| Item | Detail |
|---|---|
| Role Start Date | Joined as EVP & Chief Risk Officer in June 2022 |
| Employment Agreement | Not disclosed for Jae H. Park in proxy/8-Ks reviewed |
| Severance/Change-in-Control | Company maintains Executive Change in Control Plan; CEO excluded; participants selected by HRCC/Board; example terms disclosed for Christine Y. Oh (150% base salary + 12 months COBRA if terminated without cause within 6 months before or 12 months after change in control) . Participation of Jae H. Park not disclosed. |
| Clawback Policy | Company adopted Exchange Act Section 10D-compliant clawback covering incentive compensation for President/CEO, CFO, Controller, Chief Credit Officer, and “each other officer who performs a material policy-making function” . |
| Non-Compete / Non-Solicitation | MIP and Severance Plan include non-solicit provisions for severed participants (1-year employee/customer non-solicit under Severance Plan); specific non-compete terms for Jae H. Park not disclosed . |
Performance & Track Record (Company Context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($USD thousands) | $33,310 | $23,918 | $21,069 |
| ROA (%) | 1.74% | 1.13% | 0.92% |
| ROE (%) | 19.57% | 13.05% | 10.68% |
| Efficiency Ratio (%) | 47.42% | 57.59% | 61.19% |
| Value of $100 Investment (TSR) | $87 | $98 | $144 |
Company Financials (for pay-for-performance context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $17,619,000 | $14,181,000* | $16,427,000 |
| Net Income ($USD) | $33,310,000 | $23,918,000 | $21,069,000 |
- Values retrieved from S&P Global.
Governance & Committees (for alignment oversight)
| Committee | Members | 2024 Meetings | Scope |
|---|---|---|---|
| Human Resources & Compensation (HRCC) | Brian Choi; Soo Hun Jung, M.D.; Sunny Kwon (Chair); Hyung J. Kim; Yong Sin Shin; Myung Shin Sohn | 6 | Reviews CEO/exec comp strategy, administers incentive plans, succession planning, compliance |
| Audit | Brian Choi; Soo Hun Jung, M.D.; Sunny Kwon; Hyung J. Kim; Yong Sin Shin; Myung Shin Sohn (Chair; Audit Committee Financial Expert) | 12 | Financial reporting, internal controls, auditor oversight, related party approvals |
| Nomination & Governance | Brian Choi (Chair); Soo Hun Jung, M.D.; Sunny Kwon; Hyung J. Kim; Yong Sin Shin; Myung Shin Sohn | 4 | Board composition, governance guidelines, diversity, committee effectiveness |
| Board Risk & Compliance (BRCC) | Soo Hun Jung, M.D.; Min J. Kim; Hyung J. Kim; Sunny Kwon; Yong Sin Shin (Chair); Myung Shin Sohn | 4 | Oversight of cybersecurity, enterprise risk management, compliance, technology risk |
Say‑on‑Pay & Shareholder Feedback
| Meeting | Proposal | Votes For | Votes Against | Abstain | Broker Non‑Votes |
|---|---|---|---|---|---|
| 2025 Annual Meeting | Advisory Vote on Executive Compensation | 8,574,990 | 296,287 | 58,115 | 2,133,450 |
| 2025 Annual Meeting | Frequency of Future Advisory Votes | One Year: 8,535,724; Two Years: 2,472; Three Years: 377,840; Abstain: 13,356; Broker Non‑Votes: 2,133,450 |
Related Party Transactions & Policies
- Related party transaction policy requires Audit Committee approval and arm’s-length terms; ordinary-course banking relationships disclosed; no material related party transactions involving executive officers beyond compensation arrangements .
- Insider Trading Policy filed as Exhibit to 2024 10‑K; governs purchase, sale, hedging, and other dispositions; blackouts/trading windows referenced in equity grant timing policy .
Investment Implications
- Alignment: RSU grant vesting annually through 2027 supports retention and long-term alignment; absence of stock options (higher leverage) suggests moderate risk preference in equity mix .
- Performance linkage: MIP ties cash incentives to Bank ROA/ROE/efficiency and individual goals; 2024 actuals below targets indicates disciplined payout governance, though specific payout for Jae H. Park not disclosed .
- Governance and risk oversight are robust: BRCC and CRO role strengthen enterprise risk controls, including cybersecurity oversight at Board level .
- Compensation risk mitigants: Exchange Act 10D-compliant clawback policy and independent HRCC reduce pay risk and potential misalignment .
Notes: Jae H. Park’s individual base salary, bonus payouts, and ownership % are not disclosed in reviewed filings; Form 3/A confirms RSU grant and vesting structure . Company-level performance and Say‑on‑Pay outcomes indicate constructive shareholder feedback and transparent pay practices .