Press Release

CBB Bancorp, Inc. Extends Employment Contract with Ms. Joanne Kim, President and Chief Executive Officer

Company Release - 4/18/2019 4:53 PM ET

LOS ANGELES--(BUSINESS WIRE)-- CBB Bancorp, Inc. ("CBB" or the "Company') (OTCQX: CBBI), the holding company of Commonwealth Business Bank (the "Bank"), today announced that the Bank has entered into a new employment agreement with Joanne Kim, who has served as the President and CEO of the Bank for the past eight years and has served as President and CEO of the Company since it was formed as the holding company for the bank in 2017. The new agreement, effective April 19, 2019, has a term of three years and provides for an annual base salary of $400,000 plus other employee benefits and the grant to Ms. Kim of stock options to purchase 45,000 shares of the Company’s common stock with a 10-year term expiring April 19, 2029. The stock options will vest (become exercisable) in annual 25% increments on the anniversary dates of grant, subject to acceleration of the final 25% increment in the event Ms. Kim’s employment agreement is not renewed.

“Under Joanne’s leadership, the Company’s financial condition and operating results over the last eight years have been solid, leading to a significant increase in shareholder value and marketplace recognition,” commented Soon Han Pak, Chairwoman of the Board. “The Board feels confident that Joanne can continue the Company’s trajectory of profitability by continuing to implement the Company’s business strategies that she has been instrumental in developing.”

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in small-to medium-sized businesses and does business as “CBB Bank.” The Bank has eight full-service branches in Los Angeles, Orange, and Dallas Counties; two SBA regional offices in Los Angeles and Dallas Counties; and six loan production offices in Texas, Georgia, Colorado, Utah and Washington.

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This news release contains a number of forward-looking statements. These statements may be identified by use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantee of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. You should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company and the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates.

Long T. Huynh, EVP & CFO
(323) 988-3010

Source: CBB Bancorp, Inc.