CBB Bancorp Announces Receipt of Regulatory Approvals for Acquisition

Rhea-AI Summary

CBB Bancorp, Inc. (OTCQX: CBBI) has secured all necessary regulatory approvals to proceed with its acquisition of Ohana Pacific Bank in Honolulu, Hawaii. Shareholders of Ohana Pacific Bank have also given their approval for this transaction. The completion of the acquisition is anticipated in the third quarter of this year, subject to standard closing conditions. This step marks a significant move for CBB Bancorp, enhancing its footprint in the banking sector.

Positive

• Regulatory approvals obtained for acquisition of Ohana Pacific Bank.
• Shareholder approval received from Ohana Pacific Bank.
• Strategic expansion into Hawaii market expected to increase customer base.

Negative

• None.

CBB Bancorp, Inc. (“Company”) (OTCQX: CBBI) announced today that it has received all regulatory approvals required to complete its previously announced agreement to acquire Ohana Pacific Bank, located in Honolulu, Hawaii. The Company also announced that the Ohana Pacific Bank stockholders have approved the transaction.

The transaction is expected to be completed in the third quarter of this year, subject to satisfaction of customary closing conditions.

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, Orange, and Dallas Counties; 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/20210513006098/en/

FAQ

What acquisition did CBB Bancorp recently finalize?

CBB Bancorp finalized its acquisition of Ohana Pacific Bank in Honolulu, Hawaii.

When is the acquisition of Ohana Pacific Bank expected to be completed?

The acquisition is expected to be completed in the third quarter of this year.

What approvals were required for the CBB Bancorp and Ohana Pacific Bank acquisition?

CBB Bancorp received all necessary regulatory approvals and shareholder approval from Ohana Pacific Bank.

How will the acquisition impact CBB Bancorp's market presence?

The acquisition will strategically expand CBB Bancorp's presence in the banking sector, particularly in Hawaii.