LOS ANGELES, Feb. 19, 2016 /PRNewswire/ -- RBB Bancorp (RBB), announced today that it completed its acquisition of TFC Holding Company (TFC) and TomatoBank (TB) for cash. TB operates six full–service branches in Orange and Los Angeles Counties. TFC had assets as of December 31, 2015 of $473.2 million, deposits of $405.5 million and shareholder's equity of $61.2 million.
The transaction will increase total assets of RBB to approximately $1.5 billion and will mark RBB's fourth acquisition since its formation in November 2008. On Saturday morning LANB's offices will become branches of Royal Business Bank and operate as "TomatoBank a Division of Royal Business Bank" until the completion of the conversion to a common platform in March.
Louis Chang, Chairman of RBB, stated, "We are very pleased to expand our growing franchise in Los Angeles and Orange Counties. The acquisition of TomatoBank gives us the opportunity to serve our market niche in Los Angeles and Orange Counties and to reach a new customer base in Arcadia, Cerritos, Diamond Bar and West Los Angeles. TomatoBank has been serving the Chinese-American community for nearly 16 years, and we are happy to build on the successes of TomatoBank."
Alan Thian, President and CEO of RBB continued, "As with TomatoBank, RBB's success has been built on providing excellent customer services in the communities that it serves. We look forward to providing more additional services to TomatoBank's customers after the systems integration in late March. Specifically we look forward to introducing our new customer to our mortgage lending program, internet wire transfers and mobile banking."
RBB is being advised by FIG Partners, LLC and its legal counsel is Loren P. Hansen, APC. TFC is being advised by Sanli, Pastore & Hill and its legal counsel is Gary Steven Findley & Associates.
Royal Business Bank, a wholly-owned subsidiary of RBB Bancorp, is a California chartered, FDIC insured, minority owned community bank serving the Asian business communities in and around the Los Angeles and Ventura Counties of California and Las Vegas, Nevada. Royal Business Bank was formed in November 2008 and currently operates nine branches located in downtown Buena Park, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silverlake, Torrance, and Westlake Village California; a branch in Las Vegas; and a loan production office in the City of Industry, California. Although the Bank serves all ethnicities, its Board and management team is mostly Chinese-American and the primary marketing focus has been on the Chinese-American communities. Royal Business Bank's business is focused on trade finance, commercial and industrial mortgage and SBA lending with a long-term vision of serving the Asian communities throughout the Western United States. Additional information on Royal Business Bank may be found on its web site: www.royalbusinessbankusa.com.
TFC is a Delaware bank holding company and sole shareholder of TomatoBank which has its principle office in Alhambra and serves the Asian business communities within Los Angeles, County. TomatoBank has branches in Arcadia, Cerritos, Diamond Bar, City of Industryand West Los Angeles. Information on TomatoBank can be found on the website www.tomatobank.com.
This communication shall not constitute an offer to sell or the solicitation of and offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as "expect," "believe," "intend," "plan," "estimate," "may," "should," "will likely result," "will continue," "is anticipated," "estimate," "project" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to and involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those indicated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in forward looking statements: (1) the businesses of RBB Bancorp, Royal Business Bank, TFC Holding Company and TomatoBank may not be combined successfully or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with the governmental approvals of the merger; (5) the shareholders of TFC Holding Company may fail to approve the merger; (6) changes in general economic conditions could affect the volume of loan originations, deposit flows, real estate values and credit quality trends; (7) changes in laws, regulations or policies by government or regulatory agencies could affect the banking industry, (8) fluctuations in interest rates could affect the banking industry, (9) change in the demand for loans in the market areas that Royal Business Bank and TomatoBank conduct their respective business could affect profitability , and (10) competition from other financial services companies in Royal Business Bank's and TomatoBank's markets could increase. These statements include, but are not limited to, statements about RBB Bancorp,'s Royal Business Bank's, TFC Holding Company's and TomatoBank's plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts. RBB Bancorp, Royal Business Bank, TFC Holding Company and TomatoBank caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. RBB Bancorp, Royal Business Bank, TFC Holding Company and TomatoBank undertake no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
David R. Morris
Royal Business Bank
SOURCE RBB Bancorp