LOS ANGELES, Oct. 15, 2018 /PRNewswire/ -- RBB
Bancorp (NASDAQ: RBB) announced today that it has completed its
acquisition of First American International Corp. ("FAIC"), the
parent company of First American International Bank in New York. As part of the transaction, First
American International Bank has been merged into Royal Business
Bank. The transaction brings RBB's total assets to
approximately $2.7 billion, based on
information as of June 30, 2018.
RBB also announced that it has signed a lease for another branch
in Flushing, Queens, New York. The branch will be
located at 135-34 Roosevelt Avenue. Pending regulatory
approval, the branch is expected to open by the end of 2018. On
October 16th, RBB opened a
new branch in Irvine (Orange County), California, located at 14725 Jeffrey
Road.
Yee Phong (Alan) Thian, CEO and
Chairman of the Board of RBB, commented, "We are very pleased to
welcome FAIC's customers, employees and shareholders to RBB
Bancorp. We plan to operate our New York branches as First
American International Bank, A Division of Royal Business Bank,
which we believe will enable our new customers to become accustomed
to the RBB brand. We are excited to offer First American
International customers more services and greater convenience.
Following the system conversion in December, we plan to add remote
deposit capture, corporate internet banking, corporate analysis
accounts, C&I lending, SBA lending, and automobile lending to
our New York operations. We
believe this expanded suite of product offerings will provide a
superior banking experience for our customers, as well as allowing
us to win a greater share of their banking business.
Mr. Thian added, "This combination brings together two
strong community banks with proven business models and similar
cultures that we believe will mesh well together. We now have a
strong presence in the largest Asian-American markets on both
coasts, positioning RBB to continue our robust growth. Since we
went public in 2017, we have more than doubled the size of RBB and
built a strong business model centered around core community
banking that we believe will produce attractive long-term returns
for our shareholders.
"We are also pleased that Mr. Raymond
Yu, the Chairman of FAIC, has agreed to join our holding
company and bank boards, along with FAIC director Mr. Alfonso Lau. Their continued presence,
together with the rest of the FAIC team, will help ensure
continuity in market presence and leadership," said Mr. Thian.
Pursuant to the terms and subject to the conditions of the
Agreement and Plan of Merger dated April 23,
2018, each share of the common stock of FAIC has been
converted into the right to receive (i) 1.3472 shares of the common
stock, no par value per share, of RBB and (ii) $15.30 in cash (such consideration set forth in
clauses (i) and (ii), the "Per Share Merger
Consideration"). Holders of in-the-money FAIC stock
options ("FAIC Stock Options") will receive an amount equal to (1)
$51.00 minus (2) the exercise price
per share with respect to the corresponding FAIC Stock
Option. The final ownership of the combined entity based on
common shares outstanding is 84.79% owned by original RBB
shareholders and 15.21% owned by former FAIC shareholders.
Pursuant to the terms of the Merger Agreement, prior to the
close of the merger, FAIC repurchased $17
million of preferred stock held by the United States
Treasury and issued under the Troubled Asset Relief Program prior
to completion of the merger, and RBB assisted in financing
$7 million of such
repurchase.
Corporate Overview
RBB Bancorp is a community-based bank holding company
headquartered in Los Angeles,
California. Including FAIC, RBB has total assets of
approximately $2.7 billion. Its
wholly-owned subsidiary, Royal Business 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, and now Brooklyn, Queens, and Manhattan in New York. RBB 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, automobile lending, trade finance, a full
range of depository account products and wealth management
services. Royal Business Bank has ten branches in Los Angeles County, two branches in
Ventura County, one branch in
Irvine, California, one branch in
Las Vegas, Nevada, and eight
branches and two loan offices in Brooklyn, Queens and Manhattan in New
York. The Company's administrative and lending center is
located at 1055 Wilshire Blvd., Los
Angeles, California 90017, and its finance and operations
center is located at 7025 Orangethorpe Avenue, Buena Park, California 90621. RBB Bancorp's
website address is www.royalbusinessbankusa.com.
Forward-Looking Statements
This press release may contain a number of forward-looking
statements. These statements may be identified by the use of such
words as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "outlook," "plan," "potential," "predict,"
"project," "should," "will," "would," and similar terms and
phrases, including references to assumptions.
Forward-looking statements are based on various assumptions and
analyses made by us in light of our management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are
appropriate under the circumstances. These statements are not
guarantees of future performance and are subject to risks,
uncertainties and other factors (many of which are beyond our
control) that could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements. These factors include, without limitation, the timing
and occurrence or non-occurrence of events that may be subject to
circumstances beyond our control, such as the pending merger with
FAIC, which is subject to other closing conditions in addition to
regulatory and shareholder approvals, the existence of which may
delay the closing of the merger or otherwise affect the
consummation of the merger.
We have no obligation to update any forward-looking statements
to reflect events or circumstances after the date of this press
release.
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SOURCE RBB Bancorp