LOS ANGELES--(BUSINESS WIRE)--Open Stewardship Foundation, a community charitable organization established in 2011 by Open Bank (OTCBB:OPBK) of Los Angeles, today announced the recipients of its first ever charitable donations. Forty-eight non-profit organizations were awarded grants totaling $150,000.
“These awards were made possible as a result of the generosity and vision of Open Bank’s board of directors and senior management,” said Open Stewardship Foundation Chairman, Ock Hee Kim.
Open Bank President and CEO Min Kim said, “Open Bank recorded record profits in 2011 and we are proud that we can share some of those profits with charitable community organizations that support a variety of important local causes.”
Open Stewardship Foundation receives the majority of its grant funds from donations made by Open Bank, which has committed to contributing up to ten percent of its profits to the foundation.
“After reviewing applications from over 70 faith-based and secular organizations, we selected the 48 that we felt best addressed the needs of underserved communities in a manner that upheld the principles underlying the foundation’s mission,” said Open Stewardship Foundation President, Christine Oh.
Grant Recipients included KYCC, Korean American Family Center, Korean American History Museum, Shalom Life Line, LA Mom & Dad Mission, and Korean American Coalition. For a detailed list of all recipients, please visit: http://www.myopenbank.com/reports/201202Stewardship_Recipients.pdf
About Open Stewardship Foundation
Open Stewardship Foundation was organized in October 2011 exclusively for charitable purposes and is headquartered in Los Angeles County. The Foundation was created with the mission of actively supporting civic organizations, schools, and other eligible charitable and religious non-profit organizations that provide public benefit services, including eligible Christian organizations that provide support for education, help the needy, medical care, rehabilitation, food for the hungry, and other worthy public benefit services. For more information, please visit www.myopenbank.com and click on ‘Stewardship Program.’
About Open Bank
Open Bank (the "Bank") is engaged in the general commercial banking business in Los Angeles County and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on the Korean and other ethnic minority communities. Its headquarters are located at 1000 Wilshire Blvd., Suite 100 Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender