\nRBB Bancorp (NASDAQ:RBB) announced today that, effective September 28, 2023, Gateway Bank, F.S.B. announced that it and RBB Bancorp have mutually agreed to terminate the definitive agreement originally entered into on December 28, 2021. Neither party has or will have any liability or pay any penalty to the other party as a result of the termination, and each party has released the other from any and all claims related to the definitive agreement or the transactions contemplated by the definitive agreement.<\/p>\n
Corporate Overview<\/b><\/p>\n
\nRBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of June 30, 2023, the Company had total assets of $4.1 billion. Its wholly-owned subsidiary, the Bank, is a full service commercial bank, which provides business banking services to 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, automobile lending, 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 in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. 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 Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com<\/a>.<\/p>\n Safe Harbor<\/b><\/p>\n Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company\u2019s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and\/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the U.S. federal budget or debt or turbulence or uncertainly in domestic of foreign financial markets\u037e the strength of the United States economy in general and the strength of the local economies in which we conduct operations\u037e our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for loan losses and charge-offs\u037e credit risks of lending activities and deterioration in asset or credit quality\u037e extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities\u037e increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act\u037e compliance with the Bank Secrecy Act and other money laundering statutes and regulations\u037e potential goodwill impairment\u037e liquidity risk\u037e fluctuations in interest rates\u037e the transition away from the London Interbank Offering Rate (“LIBOR”) and related uncertainty as well as the risks and costs related to our adopted alternative reference rate, including the Secured Overnight Financing Rate (“SOFR”)\u037e risks associated with acquisitions and the expansion of our business into new markets\u037e inflation and deflation\u037e real estate market conditions and the value of real estate collateral\u037e environmental liabilities\u037e our ability to compete with larger competitors\u037e our ability to retain key personnel\u037e successful management of reputational risk\u037e severe weather, natural disasters, earthquakes, fires\u037e or other adverse external events could harm our business\u037e geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and\/or military conflicts, including the war between Russia and Ukraine, which could impact business and economic conditions in the United States and abroad\u037e public health crises and pandemics, including the COVID-19 pandemic, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions\u037e general economic or business conditions in Asia, and other regions where the Bank has operations\u037e failures, interruptions, or security breaches of our information systems\u037e climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs\u037e cybersecurity threats and the cost of defending against them\u037e our ability to adapt our systems to the expanding use of technology in banking\u037e risk management processes and strategies\u037e adverse results in legal proceedings\u037e the impact of regulatory enforcement actions, if any\u037e certain provisions in our charter and bylaws that may affect acquisition of the Company\u037e changes in tax laws and regulations\u037e the impact of governmental efforts to restructure the U.S. financial regulatory system\u037e the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate of the rules and regulations related to the calculation of the FDIC insurance assessment amount\u037e the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (\u201cFASB\u201d) or other accounting standards setters, including Accounting Standards Update (\u201cASU\u201d or \u201cUpdate\u201d) 2016-13 (Topic 326, \u201cMeasurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model (\u201cCECL\u201d), which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods\u037e market disruption and volatility\u037e fluctuations in the Bancorp\u2019s stock price\u037e restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure\u037e issuances of preferred stock\u037e our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock\u037e the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California DFPI (formerly DBO); our success at managing the risks involved in the foregoing items and all other factors set forth in the Company\u2019s public reports, including its Annual Report as filed under Form 10-K and Form 10-K\/A for the year ended December 31, 2022, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company\u2019s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230928563074\/en\/<\/a><\/span><\/p>\n David Morris KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Finance Banking Professional Services Small Business Asset Management<\/p>\n<\/p>\n
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Chief Executive Officer
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(714) 670-2488<\/b><\/p>\n
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