Nara Bancorp Names Yang as Top Executive

Nara Bancorp, a fast-growing Los Angeles bank catering to Korean immigrants, concluded a nearly yearlong search for a top executive by naming Ho Yang, a managing director at Bank of New York, as its president and chief executive.

Yang, who also has worked at Chase Manhattan Bank, Crocker Bank, Midland Bank and Irving Trust Co. during a 30-year career, will take over from Benjamin Hong as president and CEO as soon as Bank of New York replaces him, Nara said.

With full-service branches in California and New York, loan offices in six other states and a representative office in South Korea, Nara has become a favorite with investors in small-cap banks. Its stock has risen 112% over the last year, closing Tuesday at $20.79 a share, up 23 cents, on Nasdaq.

When Nara bought Sunnyvale, Calif.-based Asiana Bank last year, Asiana president and CEO Seong-Hoon Hong became Nara’s top executive. But he left unexpectedly Dec. 2, forcing Benjamin Hong, Nara’s retired chairman, to return and head up efforts to find a replacement.

Calling the search “very long and arduous,” Benjamin Hong praised Yang as having “the right vision, proven leadership and firsthand experience.”

E. Scott Reckard