President Biden Appoints RBB Bancorp President and CEO Alan Thian to Community Development Advisory Board

Rhea-AI Summary

RBB Bancorp (NASDAQ:RBB) announced the appointment of President and CEO Yee Phong (Alan) Thian to the Advisory Board of the U.S. Treasury's Community Development Financial Institutions Fund. As one of nine community development leaders selected, Mr. Thian will advise on policies to support economically distressed communities. RBB Bancorp, headquartered in Los Angeles, has total assets of $3.9 billion as of June 30, 2021, and provides banking services primarily to Chinese-American communities across several regions in California and beyond.

Positive

• Appointment of CEO to a national advisory board enhances company's leadership visibility.
• Potential for increased influence in community development initiatives.

Negative

• Concerns about resource allocation and focus on the advisory role potentially distracting from company operations.

LOS ANGELES--(BUSINESS WIRE)-- RBB Bancorp (NASDAQ:RBB) announced President and CEO Alan Thian’s appointment to the Advisory Board of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. Mr. Thian is one of nine community development leaders nationwide appointed to advise the CDFI Fund Director on the policies of the CDFI Fund.

“I am honored to serve as a member of the Community Development Advisory Board,” said Mr. Thian. “I look forward to working with leaders from around the country to further the CDFI Fund’s mission of empowering America’s economically distressed communities.”

The Community Development Financial Institutions Fund (CDFI Fund) plays an important role in generating economic growth and opportunity in some of our nation's most distressed communities. By offering tailored resources and innovative programs that invest federal dollars alongside private sector capital, the CDFI Fund serves mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of June 30, 2021, the company had total assets of $3.9 billion. Its wholly owned subsidiary, the Bank, is a full-service commercial bank, which provides business banking services to the Chinese-American communities in Los Angeles County, Orange County, and Ventura County in California; in Las Vegas, Nevada; in Brooklyn, Queens, and Manhattan in New York; Edison, New Jersey, and two branches in the Chicago neighborhoods of Chinatown and Bridgeport. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, automobile lending, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County; two branches in Ventura County; one branch in Irvine, California; one branch in Las Vegas, Nevada; six branches and one loan operation center in Brooklyn, Queens and Manhattan in New York; one branch in Edison, New Jersey; and two branches in Chicago, Illinois. The Company's administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its finance and operations center is located at 7025 Orangethorpe Avenue, Buena Park, California 90621. The Company's website address is www.royalbusinessbankusa.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210920005971/en/

Yee Phong (Alan) Thian

President and CEO

(626) 307-7559

David Morris

Executive Vice President and CFO

(714) 670-2488

Source: RBB Bancorp

FAQ

What does the appointment of Alan Thian to the CDFI Fund Advisory Board mean for RBB Bancorp?

Alan Thian's appointment positions RBB Bancorp as a key player in community development, potentially enhancing its leadership role and visibility in financial initiatives.

What is the significance of the CDFI Fund?

The CDFI Fund supports economically distressed communities by investing federal dollars alongside private capital, thus fostering economic growth.

How might this advisory role impact RBB Bancorp's business operations?

While the advisory role may enhance community relations, it could also lead to potential distractions from RBB Bancorp's core business operations.

When was Alan Thian appointed to the CDFI Fund Advisory Board?

Alan Thian's appointment was announced recently but specific details regarding the date were not provided in the press release.