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The bank was established on June 10, 2005 as First Standard Bank as a California state-chartered bank headquartered in Los Angeles, California. The bank changed its name to Open Bank in October 2010. In March 2018, the bank announced the launch of its initial public offering of common stock by offering 2,000,000 shares. The initial public offering was priced between $9.50 and $11.50 per share. Min Kim, chief executive officer of the bank, rang the closing bell at the NASDAQ on April 6, 2018.