RBB Bancorp Names New Chairman of the Board

Rhea-AI Summary

RBB Bancorp (NASDAQ: RBB) announced the election of James Kao, Ph.D., as Chairman of the Board, effective May 19, 2021. Dr. Kao has over 40 years of business experience and has been on the Company's Board since 2015. Yee Phong (Alan) Thian remains a director after serving as the previous Chairman. The separation of the Chairman and CEO roles aims to enhance corporate governance and facilitate the Bank's growth strategy. RBB Bancorp is a community-based financial holding company with total assets of $3.7 billion as of March 31, 2021.

Positive

• James Kao's election as Chairman indicates leadership stability and continuity.
• Separation of Chairman and CEO roles reflects best corporate governance practices.
• The Company's total assets of $3.7 billion highlight its strong financial position.

Negative

• None.

RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank ("the Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company", announced that its Board of Directors has elected James Kao, Ph.D as Chairman, effective May 19, 2021. Dr. Kao, 75, joined the Company’s Board in 2015 and has over 40 years of business experience, serving in various leadership roles. Yee Phong (Alan) Thian, RBB’s previous Chairman, will continue to serve as a director.

"Dr. Kao is an experienced member of the Board and has a wealth of experience and success as a businessman and investor," said Mr. Alan Thian, President and CEO of RBB Bancorp. "The Board and I elected to separate the Chairman and Chief Executive Officer roles in anticipation of the continued growth of the Bank and to reflect best corporate governance practices. I congratulate Dr. Kao in his new role as Chairman and look forward to working with him and the rest of the Board to continue to execute on our successful strategy of profitable growth."

"The Board and I would like to thank Mr. Thian for his years of service as Chairman of the Board," said Dr. James Kao, Chairman of RBB Bancorp. "I look forward to continuing to work with him to enhance long-term shareholder value."

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2021, the company had total assets of $3.7 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, in Edison, New Jersey, and in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois. 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 Orange County, California, one branch in Las Vegas, Nevada, two branches and one loan operation center in Brooklyn, three branches in Queens, one branch in 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 Ave., 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/20210525005937/en/

FAQ

Who is the new Chairman of RBB Bancorp as of May 2021?

James Kao, Ph.D., was elected as the new Chairman of RBB Bancorp effective May 19, 2021.

What are the total assets of RBB Bancorp?

As of March 31, 2021, RBB Bancorp had total assets of $3.7 billion.

Why did RBB Bancorp separate the Chairman and CEO roles?

The separation was made to enhance corporate governance and support the anticipated growth of the Bank.