Business
RBB Bancorp Announces Termination of Consent Order
LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) -- RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management
About this update from Rbb Bancorp
[{"type":"text","content":"LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) -- RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced that on August 21, 2024, the Federal Deposit Insurance Corporation (the “FDIC”) and the California Department of Financial Protection and Innovation (the “DFPI”) terminated the Consent Order issued to the Bank that was effective October 25, 2023. The termination of the Consent Order follows the Bank’s successful resolution of the deficiencies in the Bank’s Anti-Money Laundering/Countering the Financing of Terrorism (“BSA/CFT”) compliance program that was the subject of the order. “We are very pleased to announce the satisfactory resolution and termination of the Consent Order. Our directors and staff worked very hard to address our regulators’ concerns and to strengthen our BSA/CFT compliance programs,’ stated David Morris, Chief Executive Officer. “I want to convey my sincere thanks and appreciation to our entire team who worked so diligently to build an enhanced BSA/CFT program for our Bank.” Corporate Overview RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of June 30, 2024, the Company had total assets of $3.9 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services to predominately the Asian communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. 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 residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch...