Business
RBB Bancorp Announces Agreement to Purchase and Assume Certain Assets and Liabilities of the Honolulu, Hawaii Branch Office of Bank of the Orient
LOS ANGELES--(BUSINESS WIRE)-- RBB Bancorp (NASDAQ: RBB) and Bank of the Orient (“BOTO”) announced today that Royal Business Bank, the wholly-owned
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[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nRBB Bancorp (NASDAQ: RBB) and Bank of the Orient (“BOTO”) announced today that Royal Business Bank, the wholly-owned subsidiary of RBB, has entered into an agreement to buy the Honolulu, Hawaii branch office (the “Branch”) of BOTO. The terms of the agreement provide for Royal Business Bank to acquire all the premises and equipment at the Branch, all deposits totaling approximately $77.8 million as of June 30, 2021, and selected performing loans totaling approximately $10 million as of June 30, 2021, for a total consideration of $2.8 million. The transaction is subject to regulatory approval and is expected to be completed by December 31, 2021.\n\n“This transaction accelerates our goal of expanding our presence in vibrant Asian-American communities,” said Yee Phong (Alan) Thian, President and CEO of Royal Business Bank. “We are excited to enter this new market and bring our relationship-based banking model to Hawaii.”\n\n\"Royal Business Bank is committed to providing a smooth transition with minimal impact for all stakeholders,\" said Dr. James Kao, Chairman of RBB Bancorp. \"We believe our experience integrating past acquisitions and excellent relations with regulators will allow us to seamlessly integrate this branch into the existing national RBB network.”\n\nJanney Montgomery Scott LLC is serving as financial advisor and Loren P. Hansen, APC is serving as legal counsel to RBB Bancorp. Stephens Inc. is serving as financial advisor and Morrison & Foerster LLP is serving as legal counsel to Bank of the Orient.\n\nCorporate Overview\n\nRBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2021, the company had total assets of $3.7 billion. Its wholly owned subsidiary, the Bank, is a full-service commercial bank, which provides business banking services to the Chinese-American communities in Los Angeles County, Orange County, and Ventura County in California; in Las Vegas, Nevada; in Brooklyn, Queens, and Manhattan in New York; Edison, New Jersey, and two branches in the Chicago neighborhoods of Chinatown and Bridgeport. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family r...