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SOURCE RBB Bancorp
LOS ANGELES, Sept. 28, 2018 /PRNewswire/ — RBB Bancorp (NASDAQ: RBB) and its subsidiary, Royal Business Coffer (collectively referred to herein as “the Company”), appear that at the adapted shareholders affair of First American International Corp. (“FAIC”), captivated on September 20, 2018, the alliance acceding amid RBB Bancorp and FAIC was accustomed by the shareholders of FAIC.
On September 28, 2018, the Aggregation accustomed authoritative approval from the Federal Drop Insurance Corporation to complete the merger. The Aggregation had ahead accustomed approvals to complete the alliance from the California Department of Business Oversight and the New York State Department of Cyberbanking Services. The Federal Reserve Coffer had additionally issued a abandonment from the filing requirements of an appliance to access FAIC and its wholly endemic subsidiary, First American International Bank.
The Aggregation and FAIC plan for the closing of the alliance to action as of the aing of business on October 15, 2018, accountable to achievement of accepted closing altitude as set alternating in the alliance agreement. Shortly afterward the closing of the merger, FAIC shareholders will be provided with advice apropos the action to accept the alliance consideration, which will be broadcast to them by RBB Bancorp’s alteration agent, Issuer Direct. The acquaintance advice for Issuer Direct will additionally be set alternating in the columnist absolution RBB Bancorp will affair at closing of the transaction.
In accordance with the acceding of the alliance agreement, Mr. Raymond Yu, the Chairman of the Board of Admiral of FAIC, was appointed as Vice Chairman of the boards of admiral of RBB Bancorp and Royal Business Bank, and Alfonso Lau, a administrator of FAIC, was appointed to the boards of admiral of RBB Bancorp and Royal Business Bank, able as of the able time of the merger.
“The RBB Board, administration aggregation and I are absolute blessed to accept Mr. Yu and Mr. Lau aing us. We attending advanced to their ability and advice for our accumulated company,” said Alan Thian, President and CEO of RBB Bancorp.
Mr. Yu brings all-encompassing New York development, finance, architecture and administration of residential and bartering absolute acreage experience, and a lifetime of administration in association based organizations to his role as Chairman of the Board of Admiral of FAIC and First American International Bank, which he has captivated back 2012.
Mr. Yu is President of Yuco Absolute Acreage Company, Inc. and Yuco Management, Inc., developers, managers and owners of a assorted portfolio of bartering and residential backdrop amid throughout New York City. The Yuco accumulation of companies has contributed to the awakening and renaissance of neighborhoods such as the Lower East Side, Clinton and Harlem in Manhattan and Sunset Park, Flatbush and East New York in Brooklyn by architecture aerial affection affordable rental properties, and has auspiciously developed commercial, connected break and bazaar amount residential backdrop in neighborhoods such as Murray Hill, the East Village, NoHo, Brooklyn Heights and Williamsburg.
Mr. Yu was a affiliate of the Board of Admiral of the YMCA of Greater New York, which is committed to architecture and deepening communities through adorning the abeyant of its youth. He is a founding Board affiliate of the NOHO NY Business Improvement District, and an Advisory Board affiliate of the New York Apartment Conference, an advancement alignment for affordable apartment in NYC which promotes able apartment policies, able funding, applied regulations, and added accessible acquaintance of the charge for and allowances of affordable housing.
Mr. Lau is a key architect of First American International Coffer and served as a Administrator and its Chief Controlling Officer and President from its enactment in 1999 until March 2013, back he retired. Mr. Lau connected his Administrator position and retained his associates on assorted Board Committees.
Mr. Lau brings over 30 years of acquaintance in retail cyberbanking and lending to the Board of Directors, accepting captivated controlling roles at Citibank area he managed ample annex networks and business and customer accommodation portfolios, and as President of Citibank-Maryland and Capital One, FSB.
An alive affiliate in the New York Chinatown community, Mr. Lau has served on a cardinal of bounded organizations and currently serves as a Trustee of the National Association Investment Fund, which builds opportunities for Association Development Cyberbanking Institution Banks, Minority Archive Institutions, and added mission-oriented cyberbanking institutions through a array of programs.
RBB Bancorp is a $1.8 billion in assets coffer captivation aggregation headquartered in Los Angeles, California. Its wholly-owned subsidiary, Royal Business Bank, is a abounding account bartering coffer which provides business cyberbanking casework to the Chinese-American communities in Los Angeles County, Orange County, Ventura County and in Las Vegas, Nevada, including alien deposit, E-banking, adaptable banking, bartering and broker absolute acreage loans, business loans and curve of credit, bartering and automated loans, SBA 7A and 504 loans, 1-4 distinct ancestors residential loans, barter accounts and a abounding ambit of archive accounts. Royal Business Coffer has ten branches in Los Angeles County, amid in city Los Angeles, San Gabriel, Torrance, Rowland Heights, Monterey Park, Silver Lake, Arcadia, Cerritos, Diamond Bar, and west Los Angeles, two branches in Ventura County, amid in Oxnard and Westlake Village, and one annex in Las Vegas, Nevada. The Company’s authoritative and lending centermost is amid at 123 E. Valley Blvd., San Gabriel, California 91176, and its accounts and operations centermost is amid at 7025 Orangethorpe Avenue, Buena Park, California 90621. RBB Bancorp’s website abode is www.royalbusinessbankusa.com.
This columnist absolution may accommodate a cardinal of advanced statements. These statements may be articular by the use of such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and agnate acceding and phrases, including references to assumptions.
Forward-looking statements are based on assorted assumptions and analyses fabricated by us in ablaze of our management’s acquaintance and acumen of absolute trends, accepted altitude and accepted approaching developments, as able-bodied as added factors we accept are adapted beneath the circumstances. These statements are not guarantees of approaching achievement and are accountable to risks, uncertainties and added factors (many of which are above our control) that could account absolute after-effects to alter materially from approaching after-effects bidding or adumbrated by such advanced statements. These factors include, afterwards limitation, the timing and accident or non-occurrence of contest that may be accountable to affairs above our control, such as the awaiting alliance with FAIC, which is accountable to added closing altitude in accession to authoritative and actor approvals, the actuality of which may adjournment the closing of the alliance or contrarily affect the cleanup of the merger.
We accept no obligation to amend any advanced statements to reflect contest or affairs afterwards the date of this columnist release.
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