Client: United Central Bank was a $2 billion Asian owned institution started in 1987 to serve the Asian community in the Dallas, Ft. Worth area. Engagement – President & CEO
Challenge: UCB was under a C&D and was struggling with various issues throughout the organization. As the CEO stated, “I’ve been in banking for over 35 years and never seen anything quite like this.” The bank had serious BSA, credit, capital, management and compliance issues as well as Director Fraud and ongoing lawsuits.
Objective:: To clean up the major regulatory issues and to sell the bank. We were retained to identify, attract and recruit a veteran banker with extensive experience in troubled institutions, excellent regulator relationships along with experience in loss/share agreements and M&A transactions.
Results:: Within six weeks, we presented 3 candidates to the board. Once the board made their decision, the candidate started as CEO within 12 weeks of the start of the search and was approved by regulators and within eighteen months, the bank was successfully sold to Hanmi Bank in Los Angeles, achieving the client’s objective.