Los Angeles-based RBB Bancorp has closed its acquisition of Brooklyn, N.Y.-based First American International Corp.
As part of the deal, First American International's unit First American International Bank merged into Royal Business Bank, a unit of RBB Bancorp.
Each common share of First American International has been converted into the right to receive 1.3472 common shares of RBB Bancorp and $15.30 in cash.
Holders of in-the-money First American International stock options will receive an amount equal to $51 minus the exercise price per share with respect to the corresponding First American International stock option.
Original RBB Bancorp shareholders now own 84.79% of the combined entity based on common shares outstanding, while 15.21% is owned by former First American International shareholders.
The transaction has brought RBB Bancorp's total assets to about $2.7 billion, based on information as of June 30.
In addition, RBB Bancorp has signed a lease for another branch in Flushing, Queens, N.Y. The branch will be at 135-34 Roosevelt Ave. and is expected to open by the end of this year, pending regulatory approval.
Also, RBB Bancorp disclosed the Oct. 16 opening of a new branch in Irvine, Calif., at 14725 Jeffrey Road.