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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.
CBB Bancorp has announced its agreement to acquire Ohana Pacific Bank, expanding its footprint to Hawaii. As of September 30, 2020, Ohana had $196.7 million in assets, $151.6 million in loans, and $173.6 million in deposits. Shareholders of Ohana are set to receive $10.25 per share and potentially an additional $0.75 based on the loan performance over 12 months post-merger. Completion is expected in the second half of 2021, pending regulatory and shareholder approvals. CBB anticipates enhanced market presence and stable deposits from this acquisition.
