•    Banks and Hotels   


    The establishment of a bank within a community is evidence of growth and economic development. What then can be said about a tiny neighborhood that contains at least six banks? Koreatown and its Korean community is without a doubt growing, both in terms of demographics and commerce.

    The six closest banks to the heart of K-Town are branches of Woori Bank, Shinhan Bank, Nara Bank, Citi Bank, Wilshire State Bank, and Chase Bank. Woori Bank and Shinhan Bank are both headquartered in Seoul, Korea. Shinhan Bank was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982 and is part of the Shinhan Financial Group, along with Jeju Bank. Shinhan Bank merged Chohung Bank on April 1, 2006. Woori Bank is part of the Woori Financial Group and includes the former Commercial Bank of Korea, Hanil Bank, and Peace Bank.

    The Following is a picture of Woori Bank in Koreatown:

    Founded in 1989, Nara Bank is a wholly owned subsidiary of Nara Bancorp, Inc. It was originally a community bank serving Korean-Americans in Southern California. Since then, it has grown with branches all around the nation. Its corporate values center on integrity in business conduct.

    Wilshire State Bank, a subsidiary of Wilshire Bancorp Inc., is also a Korean-American bank, founded in 1980 and headquartered in Los Angeles, California. Having a multi-ethnic customer base and Board of Directors, it aims to be the leading community bank serving multi-ethnic business owners in key U. S. markets.

    Although Citi Bank is certainly not Korean-owned, the branch located in Koreatown includes Korean lettering on its sign, symbolizing its growing support of the Korean community and businesses. This is further proof that the Korean community is gaining ground towards becoming an influential aspect of the American economy.


    The establishment of hotels is another sign of a developing neighborhood. Two hotels were discovered along Korea Way: the Red Roof Inn Hotel, and Hotel Stanford. The Red Roof Inn was founded in Columbus, Ohio by Jim Trueman in 1972. It is currently a chain of over 340 economy hotels. Hotel Stanford is exclusive to Koreatown, and is available for tourists looking for a cheap stay in the city. These hotels would be ideal for Korean tourists, willing to explore the city without getting too far away from their people.