Local Korean-American bank goes mainstream

SEATTLE — Pacific International Bank CEO Edward Park announced today the launch of their PI Bank 2.0.

First opened in Seattle in November 2001, Pacific International Bank has been very successful at serving and increasing economic opportunities for Korean Americans.

“It has always been our vision to, once established, become the preferred bank in the Northwest,” Park said. “Today marks the beginning of a new era for our bank, by extending services to the mainstream marketplace throughout the Puget Sound.”

The PI Bank 2.0 public launch will commence with a branding and marketing campaign this fall.

In support of launching PI Bank 2.0, Pacific International Bank’s board of directors recently made three strategic advances: elected Steve Faust as chairman of the board; hired Paul Sabado as executive vice president and chief credit officer; and hired Kevin Hogan as senior vice president of operations.

“In recognition of his strengths, the board of directors also elected Mr. Sabado as vice-chairman of the board,” Faust said. “These new hires demonstrate our bank’s commitment to serving a broader market and attracting a multicultural business clientele.”

Faust was a founding board member in 2001. Previously, he was an executive with Seattle-First National Bank (currently Bank of America), and in charge of international banking. He brings an extensive background in electronic banking and operations.

“With branches in King, Pierce and Snohomish Counties, along with the recent additions to our management team, we are poised to expand by appealing to a broader small business market,” he said.

As a Seattle native, Sabado brings an extensive 35-year background in risk and credit management and small business lending to Pacific International Bank. Sabado has also helped start up three other local community banks.

“Financially speaking, Pacific International Bank is one of the stronger community banks in the region,’ Sabado said. “We are well positioned to expand; even during this volatile economy, we are able to continue increasing shareholder value. I am eager to help launch PI Bank 2.0.”

Also raised in the Seattle area, Hogan will be part of the PI Bank 2.0 launch team. His responsibilities will include branch operations, information technology and business development. Prior to joining Pacific International Bank, he was chief operations officer for Lynnwood-based City Bank — recently taken over by Whidbey Island Bank.

“In my 24 years in banking, this is the most extensive market launch I’ve helped manage,” Hogan said.

Park, also chairman of the bank’s holding company PI Bancorp Inc., said, “Our aim is to become the bank of choice for small businesses throughout the Northwest region. As we move into the mainstream we will continue to provide services for our core Korean American community.”