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RBB Bancorp Closes USD 32.9m Acquisition of Chicago-based Pacific Global Bank
Thursday 16 January 2020

16 January 2020 - Los Angeles, US-based bank holding company RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank and RBB Asset Management Company, has completed its acquisition of Chicago, US-based PGB Holdings, Inc. and its wholly-owned subsidiary Pacific Global Bank, the company said.

Principally serving the Chinese-American communities in Chicago, Pacific Global Bank has three branches located in the Chicago neighborhoods of Chinatown and Bridgeport, offering consumer and business banking and loan products and services.

As part of the transaction, Pacific Global Bank has been merged into Royal Business Bank. The transaction brings RBB's total assets to over USD 3bn, based on information as of September 30, 2019.

Under the deal, the company acquired PGB in a cash transaction valued at approximately USD 32.9m or USD 69.49 per share of PGB stock.

PGB owns two of its three branches with an estimated fair market value of approximately USD 2m in excess of book value. RBB expects the transaction to be accretive to earnings per share in 2020 in the high single digit range.

RBB also expects a payback period of approximately 3.3 years. The earnings per share accretion estimates do not include any assumption of revenue synergies.

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California.

The company had total assets of USD 2.8bn as of September 30, 2019.

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 Chicago, Illinois, and in Brooklyn, Queens, and Manhattan in New York.

The Findley Group served as financial advisor to RBB and Loren P. Hansen, APC is acting as RBB's legal counsel. Janney Montgomery Scott LLC served as financial advisor to PGB and Barack Ferrazzano Kirschbaum and Nagelberg LLP is acting as PGB's legal counsel.
Date Published: 16/01/2020
Target: PGB Holdings, Pacific Global Bank
Country: USA
Deal Size: 32.9m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: RBB Bancorp
Buyer Advisor: The Findley Group , Loren P. Hansen, APC