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Saehan CEO Chung H. Youk Resigns

^{Published on 2010-10-07 09:15:57 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Saehan Bancorp (OTCBB:SAEB), parent company of Saehan Bank, announced today that Chung Hoon Youk has submitted his resignation as President and Chief Executive Officer and as a director from the Board of Directors of Saehan Bank and Saehan Bancorp effective as of October 22, 2010. Mr. Youk is resigning for personal reasons to pursue other interests.

"Mr. Youk contributed significantly to the recent capital raise and restoring the Banka™s regulatory capital ratios to adequate levels. We are proud of these accomplishments and we wish Mr. Youk well in the future."

The Board of Directors has immediately commenced search efforts to identify a qualified CEO candidate to replace Mr. Youk. Until such time as a permanent CEO is selected and approved by regulators, Daniel H. Kim, the Banka™s Executive Vice President and Chief Financial Officer, will assume the duties and title of acting President.

Dr. Dong Soo Han, chairman of Saehan Bank, stated that, aMr. Youk contributed significantly to the recent capital raise and restoring the Banka™s regulatory capital ratios to adequate levels. We are proud of these accomplishments and we wish Mr. Youk well in the future.a Dr. Han added that aThe board of directors is moving promptly in its search for a candidate to assume the position of president and chief executive officer. The board expects to be in a position to make an announcement on this matter in the near future.a