CBB Bancorp Announces Completion of the Acquisition of Ohana Pacific Bank

Rhea-AI Summary

CBB Bancorp, Inc. (OTCQX: CBBI) has completed its acquisition of Ohana Pacific Bank (OTCPK: OHPB), enhancing its footprint in Hawaii with two new branches. This strategic move is expected to bolster CBB's core deposit and loan growth. Ohana will operate as a division of Commonwealth Business Bank, retaining its leadership under James C. Hong, who also joins CBB's executive team. CBB now operates a total of ten branches across California and Hawaii, alongside various regional and loan production offices.

Positive

• Acquisition expands CBB's market presence in Hawaii, potentially increasing customer base and revenue.
• Expected core deposit and loan growth through integration of Ohana Pacific Bank.
• Leadership continuity with James C. Hong remaining as President and CEO.

Negative

• None.

CBB Bancorp, Inc. (OTCQX: CBBI) announced today that it has completed its acquisition of Ohana Pacific Bank (“Ohana”) (OTCPK:OHPB), located in Honolulu, Hawaii. This transaction expands CBB’s presence to Hawaii, where Ohana operates two branches. Ohana Pacific Bank will continue to provide services to its customers in the Hawaiian market, operating as a division of Commonwealth Business Bank (“CBB”).

“We are thrilled to announce the completion of our acquisition of Ohana Pacific Bank and our expansion into the Hawaii markets. We look forward to Ohana providing us with a new source of both core deposit and loan growth under the leadership of James C. Hong, who will remain as President and CEO of Ohana Pacific Bank, a division of CBB. Mr. Hong will also join the executive management team as a Senior Executive Vice President,“ stated Joanne Kim, CBB’s President and Chief Executive Officer.

About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in small-to medium-sized businesses and does business as “CBB Bank.” The Bank has eight full-service branches in Los Angeles and Orange Counties, California, and Dallas County, Texas in addition to the two branch locations in Hawaii resulting from the acquisition of Ohana; two SBA regional offices in Los Angeles and Dallas Counties; and five loan production offices in Texas, Georgia, Colorado, and Washington.

For additional information, please go to www.cbb-bank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210701005888/en/

FAQ

What are the details of CBB Bancorp's acquisition of Ohana Pacific Bank?

CBB Bancorp has acquired Ohana Pacific Bank, expanding its presence in Hawaii with two new branches. Ohana will operate as a division of Commonwealth Business Bank.

How will the acquisition impact CBB Bancorp's growth?

The acquisition is expected to provide CBB Bancorp with new sources of core deposits and loan growth, enhancing its financial position.

Who will lead Ohana Pacific Bank after the acquisition?

James C. Hong will remain as President and CEO of Ohana Pacific Bank and will also join CBB's executive management team.

What is the significance of CBB Bancorp's expansion into Hawaii?

Expanding into Hawaii allows CBB Bancorp to diversify its operations, reach new customers, and potentially increase its overall revenue.