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RBB Bancorp (NASDAQ:RBB) announced the appointment of Robert Franko and Scott Polakoff to its Board of Directors, effective April 20, 2023. Franko brings over 35 years of commercial banking experience, previously serving as President & CEO of First Choice Bancorp, sold to Enterprise Financial Services Corp (NASDAQ:EFSC) in July 2021. Polakoff has extensive regulatory experience, having been with the FDIC for 22 years and now serving as Executive Vice President at FinPro, Inc. Chairman Dr. James Kao expressed confidence in their ability to enhance shareholder value through their industry expertise. RBB Bancorp, a community-based financial holding company, had total assets of $3.9 billion as of December 31, 2022, serving Chinese-American communities across several states.
First Choice Bancorp (NASDAQ: FCBP) has declared a cash dividend of $0.25 per share during a special meeting on April 25, 2021. This dividend will be payable on or about May 24, 2021 to shareholders on record by the close of business on May 10, 2021. As of March 31, 2021, the company reported total consolidated assets of $2.50 billion, highlighting its strong position in serving commercial and consumer clients through eight branches in California. The bank emphasizes its commitment to diversity, with over 72% of its workforce identifying as ethnic minorities and more than 65% as female.
First Choice Bancorp (FCBP) reported Q1 2021 net income of $9.8 million ($0.82/share), down from $10.8 million in Q4 2020 but significantly up from $4.5 million in Q1 2020. Pre-tax pre-provision income was $14.0 million, a decrease from $15.4 million in the previous quarter. Total loans increased by $147.8 million to $2.03 billion, with PPP loans rising by $122.6 million. Noninterest-bearing deposits rose 21.7% to $998.5 million, representing 52.7% of total deposits. The efficiency ratio increased to 46.4%.
Enterprise Financial Services Corp (Nasdaq: EFSC) plans to acquire First Choice Bancorp (Nasdaq: FCBP) in a definitive all-stock merger valued at approximately $397.7 million, translating to $33.40 per FCBP share. The merger will create a combined entity with approximately $12.7 billion in assets. Following the merger, EFSC expects an 8% increase in 2022 earnings per share, and a tangible book value dilution to be recouped in under three years. Upon completion, EFSC shareholders will hold 80% of the new company, while FCBP shareholders will own 20%.
First Choice Bancorp (FCBP) has made a $10,000 donation to three food banks in Southern California, in recognition of National Employee Appreciation Day. Each organization, including the Los Angeles Regional Food Bank, Food Finders, and The Jacobs and Cushman San Diego Food Bank, received $3,333. CEO Robert Franko emphasized the contribution reflects employees' dedication during the pandemic. As of December 31, 2020, First Choice Bancorp reported total consolidated assets of $2.28 billion and is renowned for its community service initiatives.
First Choice Bancorp (FCBP) has announced the origination of $150.7 million in loans as part of the SBA’s Paycheck Protection Program since January 1, 2021. The bank continues to assist local businesses facing economic challenges due to the pandemic. In 2020, FCBP originated over 1,875 loans totaling $400 million under the initial PPP round. The current funding for the PPP is set to expire on March 31, 2021, prompting the bank to expedite loan processing for applicants in need.
First Choice Bancorp (NASDAQ: FCBP) declared a cash dividend of $0.25 per share on February 4, 2021, during its Board meeting. This dividend is scheduled for payment on or about March 4, 2021, to shareholders of record by the close of business on February 18, 2021. As of December 31, 2020, the company had consolidated assets of $2.28 billion and operates primarily in commercial and consumer banking, focusing on small- to medium-sized businesses.
First Choice Bancorp (FCBP) announced the successful sale of its Rowland Heights branch to Golden Bank. Under the Purchase and Assumption Agreement, Golden Bank assumed various deposit liabilities and associated property rights without acquiring any loans. The sale, completed on January 29, 2021, received all necessary regulatory approvals and was aimed at enhancing service for customers. First Choice Bank continues to operate several branches in the area, focusing on commercial and consumer clients.
First Choice Bancorp (NASDAQ: FCBP) announced that its President and CEO, Mr. Robert M. Franko, along with CFO Mr. Mag Wangsuwana, will participate in the Janney West Coast CEO Forum from February 3-4, 2021. The executives will engage in virtual meetings with institutional investors. An investor presentation will be available on the company’s investor relations website. As of December 31, 2020, First Choice Bancorp held total consolidated assets of $2.28 billion and is known for its strong commitment to diversity within its workforce.
First Choice Bancorp (FCBP) reported strong fourth-quarter results for 2020, with net income rising to $10.8 million, up 37% from Q3 and 81% year-over-year. Diluted earnings per share increased to $0.92, reflecting a 37% increase from Q3 and 80% from the previous year. Key metrics include a net interest margin of 4.31%, a return on average assets of 1.88%, and a return on average equity of 15.44%. Total loans held for investment, excluding PPP loans, increased 17.7% annually, contributing to an overall positive outlook despite ongoing economic challenges.
