Open Bank Chairman Brian Choi is stepping down after 15 years of leadership that transformed the financial institution from the brink of closure to a $2.4 billion publicly traded bank. Choi announced his retirement from the board, marking a new chapter for the bank and his continued work in philanthropy.
A Decade of Turnaround and Growth
Choi joined the board in 2008 when the bank was still operating as First Standard Bank (FSB), facing deep deficits amid the global financial crisis. Under his leadership, and following a strategic rebranding to Open Bank, the institution saw exponential growth. He credits this turnaround to the power of “sincerity” and strong talent.
“I believe the most important factor in growing a bank is people. To attract great people, you need sincerity,” said Choi.
The most pivotal moment, he noted, was recruiting Min Kim—formerly CEO of Nara Bank—as Open Bank’s CEO. At the time, many doubted she would join a much smaller bank, but Choi’s persistence and vision convinced her to come aboard. Today, Kim will succeed Choi as Chairman, while Sang Kyo Oh, current Executive Vice President, will become CEO.
Philanthropy at the Core
One of Choi’s defining contributions was embedding philanthropy into the bank’s DNA. Early on, he envisioned a Christian-based company that would donate 10% of its profits to the community annually. This vision led to the creation of the Open Stewardship Foundation, which has donated over $20 million to date.
“There was skepticism—especially during merger talks with other banks—but I insisted our giving model remain non-negotiable. That stance ended the negotiations,” Choi said. “Our shareholders supported this approach. Many people want to give, and we showed it’s possible to grow while giving.”
A Legacy of Service Continues
Though retiring from the board, Choi will continue as Chairman of the Open Stewardship Foundation. Now living in Hawaii, he plans to expand the foundation’s impact.
“Every day since 2008 was challenging—but never unhappy,” he said. “The growth of the Korean American economy enabled the bank’s success, and I’m proud to have been part of that. I hope the community continues to support Korean American banks.”
About Brian Choi
Born in Korea, Brian Choi graduated from Korea University in 1975 with a degree in Political Science and International Relations. He worked at Sun Kyung Group (now SK Group) before moving to Alaska in 1980 for a lumber development project. He later launched a trade business and, since 1991, has led Universal Financing Corporation. He currently resides in Hawaii, where he continues to be involved in business and real estate ventures.
BY WONHEE CHO [cho.wonhee@koreadaily.com]
