RBB Bancorp Successfully Resolves Consent Order
![RBB Bancorp Successfully Resolves Consent Order](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
RBB Bancorp Announces Termination of Consent Order
RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank and RBB Asset Management Company, collectively referred to as “the Company,” announced the termination of the Consent Order issued to the Bank. The Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI) confirmed this termination following the Bank’s successful resolution of deficiencies in its Anti-Money Laundering/Countering the Financing of Terrorism (BSA/CFT) compliance program.
Successful Resolution of Compliance Issues
David Morris, Chief Executive Officer, expressed enthusiasm over the resolution of the Consent Order, stating, “We are very pleased to announce the satisfactory resolution of the Consent Order. Our directors and staff worked very hard to address our regulators’ concerns and to strengthen our BSA/CFT compliance programs.” He extended his appreciation to the team that dedicated their efforts to enhance the compliance program for the Bank.
Company Overview
RBB Bancorp stands as a community-based financial holding company headquartered in Los Angeles. As of June 30, 2024, the Company reported total assets of $3.9 billion. Its wholly-owned subsidiary, Royal Business Bank, serves a diverse clientele by providing consumer and business banking services, particularly to the Asian communities across various regions, including multiple counties and cities.
Bank Services Offered
The Bank offers an extensive array of services such as remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans, lines of credit, and SBA loans. Additionally, it provides a full suite of depository account products and wealth management services to accommodate the varying needs of its customers.
Branch Locations and Administrative Offices
Royal Business Bank operates numerous branches to ensure widespread access for clients. It has nine branches in Los Angeles County, as well as branches in Ventura County, Orange County, and several locations in New York, New Jersey, Illinois, and Hawaii. The administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, with an operations center at 7025 Orangethorpe Ave., Buena Park.
Regulatory Environment and Future Outlook
RBB Bancorp operates within a highly regulated environment, closely adhering to rules that govern financial institutions. The Bank has taken significant steps to enhance its internal controls and strengthen compliance frameworks in response to regulatory feedback. The ongoing commitment to address potential internal weaknesses demonstrates the Company's proactive approach in ensuring organizational integrity and public trust.
As the Company progresses, factors such as economic conditions, regulatory changes, and competition will play crucial roles in shaping its strategies and operational outcomes. The Bank remains vigilant in adapting to market dynamics, ensuring it can meet the evolving needs of its clients while safeguarding stakeholder interests.
Contact Information
Contact:
Lynn Hopkins, Chief Financial Officer
(213) 716-8066
lhopkins@rbbusa.com
Frequently Asked Questions
What is the significance of the termination of the Consent Order for RBB Bancorp?
The termination marks a successful resolution of the regulatory concerns regarding the Bank’s compliance program, allowing the Company to operate without the restrictions imposed by the order.
Who is the CEO of RBB Bancorp and what did he say about the resolution?
David Morris is the CEO of RBB Bancorp. He expressed gratitude for the team’s efforts in enhancing the Bank’s compliance programs and resolving the issues identified by regulators.
What types of services does Royal Business Bank offer?
Royal Business Bank provides a range of services including commercial banking, consumer banking, wealth management, and various loan products tailored to client needs.
Where are the administrative and operations centers of RBB Bancorp located?
The administrative and lending center is at 1055 Wilshire Blvd., Los Angeles, while the operations center is situated at 7025 Orangethorpe Ave., Buena Park.
How does the regulatory environment impact RBB Bancorp?
The regulatory landscape necessitates strict compliance measures, which the Company actively addresses to maintain operational integrity and stakeholder confidence.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Related Articles
- Navigator Gas Orders Two New Liquefied Ethylene Carriers
- Reykjavík Energy Completes Green Bond Auction Successfully
- One Stop Systems Receives Significant Military Order for Durable Servers
- OSS Secures Order for Rugged Servers from U.S. Army
- RTX Completes Share Buy-back Programme Successfully
- Goliath Resources Secures $2 Million Order in Private Placement
- Ottawa Bancorp, Inc. Declares Quarterly Cash Dividend
- Old National Bancorp Declares Quarterly Dividends
- Clearmind Medicine Secures U.S. Patent for Alcohol Use Disorder Treatment
- AITX Announces RADCam Pre-Orders for Revolutionary Security