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Commonwealth Business Bank rejects investor advice to sell

Los Angeles-based Commonwealth Business Bank is resisting investor pressure to explore a sale.

The bank has been urged by some shareholders to put itself up for sale, but its board said in an Oct. 31 statement that it would not test the sale market.

The board members, along with President and CEO Joanne Kim, said they plan to move forward with a strategic plan of organic growth and possible acquisitions, "regardless of the premiums available to selling banks." The company noted that expansion plans include the opening of a Korea Town branch in early 2017.

SNL data shows the bank had $892.8 million in assets as of Sept. 30.

SNL Financial is an offering of S&P Global Market Intelligence.