RBB Bancorp Announces Dividend and Community Support Efforts

RBB Bancorp Declares Quarterly Cash Dividend

RBB Bancorp (NASDAQ: RBB), a prominent community bank based in Los Angeles, has announced a quarterly cash dividend of $0.16 per common share. This decision, made recently by the Board of Directors, demonstrates the Company's commitment to providing value to its shareholders. The dividend is slated for distribution on February 12, 2025, to shareholders who are on record as of January 31, 2025.

Response to Wildfire Impact

In light of the recent wildfires affecting communities in California, RBB Bancorp has taken proactive steps to support those in need. The Bank has partnered with various non-profit organizations to provide essential supplies, donating a total of $30,000 to aid families affected by these catastrophic fires. Alongside this, the Company has placed a high priority on the well-being of its employees and customers, conducting welfare checks and offering access to 24/7 confidential counseling services.

Commitment to Community Support

The Company has been fortunate not to suffer any damage to its facilities during the wildfires. All banking branches have remained fully operational, allowing the Bank to continue serving its customers seamlessly. RBB Bancorp is continuously monitoring the situation, ensuring that all necessary precautions are in place. While there are six commercial properties and six residential properties with a balance of approximately $12.5 million and $3.4 million, respectively, located near evacuation areas, the collateral involved is fully insured.

RBB Bancorp Corporate Overview

RBB Bancorp is known for its dedication to serving the financial needs of various communities, especially those focused on Asian cultures across multiple regions. As of September 30, 2024, the Company boasted total assets of $4.0 billion. The Bank offers a wide range of financial services including commercial loans, wealth management, and e-banking services, primarily to customers in Los Angeles County, Orange County, and areas beyond.

Branch Network and Services

The operational footprint of RBB Bancorp spans numerous locations, including nine branches in Los Angeles County, and additional branches located in other major cities such as Brooklyn, Manhattan, and Las Vegas. This extensive network allows RBB to effectively address the banking needs of a diverse clientele. Services such as mobile banking, remote deposit, and a variety of loan products ensure that customers receive comprehensive financial support.

Looking Ahead

As RBB Bancorp continues to navigate the evolving economic landscape, the Company remains vigilant and adaptable. Future strategies will focus on enhancing customer experience while maintaining compliance with all regulatory standards. The Bank is also committed to fostering growth within the communities it serves, exploring new opportunities for contributions towards recovery efforts post-wildfires and other challenges.

Contribution to Economic Resilience

Through its various initiatives, RBB Bancorp aims to enhance the economic resilience of vulnerable communities. By supporting local endeavors and providing necessary financial services, the Bank aspires to contribute positively to the overall stability and growth of these regions. The Company's approach is deeply rooted in community engagement, ensuring that it plays a significant role in local development and recovery efforts.

Frequently Asked Questions

What is the recent dividend announced by RBB Bancorp?

RBB Bancorp announced a quarterly cash dividend of $0.16 per common share payable on February 12, 2025.

What initiatives has RBB Bancorp undertaken in response to wildfires?

The Bank has donated $30,000 to support families affected by wildfires and is offering resources for counseling and wellness support to its employees and customers.

How has RBB Bancorp ensured operational continuity during the crisis?

Despite the wildfires, RBB Bancorp's branches have remained open, and the Company has not experienced damage to its properties.

Where does RBB Bancorp operate?

RBB Bancorp operates branches in multiple regions, including Los Angeles County, Oahu, and parts of New York, among others.

What services does RBB Bancorp provide?

The Company offers a variety of services including consumer banking, commercial loans, wealth management, and electronic banking services to its diverse clientele.

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