Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 23, 2023, the Nomination & Governance Committee ("Committee") of the Board of Directors ("Board") of OP Bancorp, a California corporation and registered bank holding company ("Registrant") and of its wholly owned subsidiary, OP Bank, received notification from Directors Ock Hee Kim and Myung Ja (Susan) Park that they intend to retire and have declined to stand for reelection to the Board at the Registrant's Annual Meeting of Shareholders presently scheduled to be convened on Thursday, June 22, 2023.

Each such Director has indicated that her resignation will be effective as of such date, and based upon the recommendation of the Committee, the Board has accepted such resignations as of such date. The relevant Directors' retirements and decisions not to stand for reelection are without prejudice as to such Directors' rights to indemnification and exculpation from liabilities arising as a result of their service in such capacities prior to their retirement date.

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