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RBB Bancorp completes acquisition of Chicago-based PGB Holdings

Los Angeles-based RBB Bancorp completed its acquisition of Chicago-based PGB Holdings Inc. and unit Pacific Global Bank.

As part of the transaction, Pacific Global Bank merged into Royal Business Bank.

Under the terms of the deal, RBB acquired PGB for about $32.9 million in cash, or $69.49 for every PGB common share. PGB owns two of its three branches with an estimated fair market value of about $2 million in excess of book value. RBB expects the transaction to be accretive to EPS in 2020 in the high single-digit range. RBB expects a payback period of about 3.3 years. The EPS accretion estimates do not include any assumption of revenue synergies.

The transaction brings RBB's total assets to more than $3.0 billion, based on information as of Sept. 30, 2019, according to the news release.

RBB is entering the Chicago market as part of the deal and plans to operate its Chicago branches as Pacific Global Bank, A Division of Royal Business Bank, until a system conversion near the end of March. At that time, they will be operated as Royal Business Bank, RBB Chairman and CEO Alan Thian said in a news release. He also said the bank plans to open two new branches in metro Chicago in the next two years.

The Findley Group was RBB's financial adviser on the deal, while Loren P. Hansen APC was its legal counsel. Janney Montgomery Scott LLC was PGB's financial adviser, while Barack Ferrazzano Kirschbaum & Nagelberg LLP was its legal adviser.