LOS ANGELES, California (February 19, 2016) – 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 Tomato’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.