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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 鈥淏ank鈥�) and RBB Asset Management Company (鈥淩AM鈥�), collectively referred to herein as 鈥渢he Company,鈥� announced that on August 21, 2024, the Federal Deposit Insurance Corporation (the 鈥淔DIC鈥�) and the California Department of Financial Protection and Innovation (the 鈥淒FPI鈥�) terminated the Consent Order issued to the Bank that was effective October 25, 2023. The termination of the Consent Order follows the Bank鈥檚 successful resolution of the deficiencies in the Bank鈥檚 Anti-Money Laundering/Countering the Financing of Terrorism (鈥淏SA/CFT鈥�) compliance program that was the subject of the order.

鈥淲e 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鈥� concerns and to strengthen our BSA/CFT compliance programs,鈥� stated David Morris, Chief Executive Officer. 鈥淚 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.鈥�

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in听Los Angeles, California.听As of June 30, 2024, the Company had total assets of听$3.9听产颈濒濒颈辞苍. Its wholly-owned subsidiary, Royal Business听Bank, is a full service commercial bank, which provides consumer and business banking services to predominately the Asian听communities in听Los Angeles County,听Orange County,听and听Ventura County听in听California, in听Las Vegas, Nevada, in听Brooklyn,听Queens, and听Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii.听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.听The Bank has nine branches in听Los Angeles County, two branches in听Ventura County, one branch in听Orange County, California, one branch in听Las Vegas, Nevada, three听branches and one loan operation center in Brooklyn, three branches in Queens, one branch in听Manhattan听in听New York, one branch in Edison, New Jersey,听two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company's administrative and lending center is located at 1055 Wilshire Blvd.,听Los Angeles, California听90017, and its operations center is located at 7025 Orangethorpe Ave.,听Buena Park, California听90621. The Company's website address is听www.royalbusinessbankusa.com.

听Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company鈥檚 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, the effectiveness of the Company鈥�s internal control over financial reporting and disclosure controls and procedures途听the potential for additional material weaknesses in the Company鈥�s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected;听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 United States (鈥�U.S.鈥�) federal budget or debt or turbulence or uncertainly in domestic of foreign financial markets途听the strength of the U.S.听economy in general and the strength of the local economies in which we conduct operations途 our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for loan losses and charge-offs途听credit risks of lending activities and deterioration in asset or credit quality途听extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities途听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途听compliance with the Bank Secrecy Act and other money laundering statutes and regulations途听potential goodwill impairment途听liquidity risk途听fluctuations in interest rates途听risks associated with acquisitions and the expansion of our business into new markets途听inflation and deflation途听real estate market conditions and the value of real estate collateral途听environmental liabilities途听our ability to compete with larger competitors途听our ability to retain key personnel途听successful management of reputational risk途听severe weather, natural disasters, earthquakes, fires途 or other adverse external events could harm our business途听geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S.听or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts听between Russia and Ukraine and in the Middle East, which could impact business and economic conditions in the U.S.听and abroad途听public health crises and pandemics, 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途听general economic or business conditions in Asia, and other regions where the Bank has operations途听failures, interruptions, or security breaches of our information systems途听climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs途听cybersecurity threats and the cost of defending against them途听our ability to adapt our systems to the expanding use of technology in banking途听risk management processes and strategies途听adverse results in legal proceedings途听the impact of regulatory enforcement actions, if any途听certain provisions in our charter and bylaws that may affect acquisition of the Company途听changes in tax laws and regulations途听the impact of governmental efforts to restructure the U.S. financial regulatory system途听the impact of future or recent changes in the FDIC听insurance assessment rate and听the rules and regulations related to the calculation of the FDIC insurance assessments途听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听or other accounting standards setters, including Accounting Standards Update听2016-13 (Topic 326, 鈥淢easurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods途听market disruption and volatility途听fluctuations in the Company鈥檚 stock price途听restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure途听issuances of preferred stock途听our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock途听the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and DFPI; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company鈥檚 public reports, including its Annual Report as filed under Form 10-K听for the year ended December听31, 2023, 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鈥檚 earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

Contact:
Lynn Hopkins,听Chief Financial Officer听听
(213) 716-8066
lhopkins@rbbusa.com