Financial Advisor
Bank Of The Orient
M&A Advisory
Has Sold One Branch To
Transaction Details
- On July 12, 2021, RBB Bancorp (NASDAQ: RBB) and Bank of the Orient (“BOTO”) announced 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 transaction is subject to regulatory approval and is expected to be completed by December 31, 2021.
About the company
Bank of the Orient
In 1971, Bank of the Orient opened its headquarters in the heart of San Francisco’s Financial District to serve the banking needs of the Asian-American community. With current assets totaling over $910 million and local branches in the Bay Area covering San Francisco, Oakland & Millbrae; Bank of the Orient has extended its services to places as far as Xiamen, China.
RBB Bancorp
RBB 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 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 Irvine, California; one branch in Las Vegas, Nevada; six branches and one loan operation center in Brooklyn, Queens and Manhattan in New York; one branch in Edison, New Jersey; and two branches in Chicago, Illinois The Company's website address is www.royalbusinessbankusa.com.
Sources: S&P Global Market Intelligence and publicly available information
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