RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank and RBB Asset Management Company, have announced the termination of the consent order issued by the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI). This termination follows the successful resolution of deficiencies in the bank's anti-money laundering/countering the financing of terrorism (BSA/CFT) compliance program.
As of June 30, 2024, RBB Bancorp had total assets of $3.9 billion. Royal Business Bank, its wholly-owned subsidiary, offers consumer and business banking services primarily to Asian communities in various locations, including Los Angeles County, Orange County, and Ventura County in California, as well as in Las Vegas, Nevada, New York, New Jersey, Illinois, and Hawaii.
The bank provides a range of services, including remote deposit, e-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, SBA 7a and 504 loans, residential loans, trade finance, depository account products, and wealth management services. It operates multiple branches across different states, with its administrative and lending center located in Los Angeles, California, and its operations center in Buena Park, California.
The termination of the consent order was lauded by David Morris, the Chief Executive Officer, who expressed his gratitude to the team for diligently addressing the regulators' concerns and strengthening the BSA/CFT compliance program.
The market has reacted to these announcements by moving the company's shares 4.8% to a price of $22.94. For more information, read the company's full 8-K submission here.
