Business & Finance
Business and Finance
Business and Finance
Thu, March 31, 2011
Wed, March 30, 2011 
LOS ANGELES--([ BUSINESS WIRE ])--The Board of Directors of Commonwealth Business Bank (OTCBB: CWBB) (the aBanka) announced that effective April 1, 2011, Mr. Wun Hwa (Jack) Choi will no longer serve as the Banka™s CEO. Mr. Choia™s employment agreement, which terminates on March 31, 2011, was not renewed. During Mr. Choia™s tenure, the Bank achieved a number of significant milestones and is well positioned for a bright future. The Board of Directors is appreciative of and wishes to thank Mr. Choi for his leadership and contributions during the Banka™s critical initial stage.
The Board further announced that it has appointed Mr. David A. McCoy as interim CEO of the Bank. Mr. McCoy has a distinguished career in banking spanning over 40 years with extensive commercial and consumer lending experience. In addition to other key positions, he has served as President of Finance America Corporation, a nationwide financial institution, and as Chief Operating Officer of Southern California Bank. Mr. McCoy has been a director of Commonwealth Business Bank since its inception.
The Board of Directors has formed a search committee to identify a permanent CEO. For additional information, please contact David A. McCoy, interim CEO, at 323-988-3005 or Kaye Kim, EVP & CFO, at 323-988-3007.
