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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 24, 2023
____________________________________
OP BANCORP
(Exact name of registrant as specified in its charter)
____________________________________
California001-3843781-3114676
(State or other jurisdiction of incorporation)
(Commission File Number)(IRS Employer Identification No.)
1000 Wilshire Blvd., Suite 500, Los Angeles, CA
90017
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (213) 892-9999

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueOPBK
NASDAQ Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☒


Item 8.01.    Other Events

On August 28, 2023, OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (“Bank”), issued a press release announcing that the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to 750,000 shares of Company common stock. A copy of that press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This Current Report on Form 8-K and the information included as exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (“Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Registrant or any of its affiliates.
Item 9.01.    Financial Statements and Exhibits
(d)    Exhibits.
Exhibit NumberExhibit Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
OP Bancorp
Dated: August 28, 2023By:/s/ Christine Oh
Christine Oh
Executive Vice President and
Chief Financial Officer
3

Exhibit 99.1
glszw3dnp04p000001a.jpg

OP Bancorp Announces New Stock Repurchase Program

LOS ANGELES, August 28, 2023 — OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), announced that on August 24, 2023, its Board of Directors approved a new stock repurchase program authorizing the Company to repurchase up to 750,000 shares of its common stock, which is approximately 5% of its outstanding shares.

Shares may be purchased in open market transactions under the safe harbor established under Securities Exchange Act Rule 10b-18, through block trades, in privately negotiated transactions, or by other trading plans as determined by the Company’s management and in accordance with Exchange Act Rule 10b5-1.

The repurchase program may be suspended, terminated, or modified at any time, and if not sooner terminated, the program will terminate on the earlier of December 31, 2024, or the date on which the Company has repurchased the maximum number of shares authorized. The time of purchases and amount of share repurchase may be affected by various factors including market conditions, price, trading volume and regulatory requirements.
About OP Bancorp

OP Bancorp, the holding company for Open Bank (the “Bank”), is a California corporation whose common stock is quoted on the Nasdaq Global Market under the ticker symbol, “OPBK.” The Bank is engaged in the general commercial banking business in Los Angeles, Orange, and Santa Clara Counties, California, and Carrollton, Texas and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. The Bank currently operates with ten full service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, and Santa Clara, California and Carrollton, Texas. The Bank also has four loan production offices in Pleasanton, California, Atlanta, Georgia, Aurora, Colorado, and Lynnwood, Washington. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender.

Contact

Investor Relations
OP Bancorp
Christine Oh
EVP & CFO
213.892.1192
Christine.oh@myopenbank.com

v3.23.2
Cover
Jun. 22, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 24, 2023
Entity Registrant Name OP BANCORP
Entity Incorporation, State or Country Code CA
Entity File Number 001-38437
Entity Tax Identification Number 81-3114676
Entity Address, Address Line One 1000 Wilshire Blvd.
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90017
City Area Code 213
Local Phone Number 892-9999
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, no par value
Trading Symbol OPBK
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period true
Entity Central Index Key 0001722010
Amendment Flag false
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