RBB Bancorp-FAIC merger approved by FAIC shareholders
RBB Bancorp and its subsidiary, Royal Business Bank, announced that at the special shareholders meeting of First American International Corp., held on September 20, 2018, the merger agreement between RBB Bancorp and FAIC was approved by the shareholders of FAIC. On September 28, 2018, the company received regulatory approval from the Federal Deposit Insurance Corporation to complete the merger. The company had previously received approvals to complete the merger from the California Department of Business Oversight and the New York State Department of Financial Services. The Federal Reserve Bank had also issued a waiver from the filing requirements of an application to acquire FAIC and its wholly owned subsidiary, First American International Bank. The company and FAIC plan for the closing of the merger to occur as of the close of business on October 15, 2018, subject to satisfaction of customary closing conditions as set forth in the merger agreement. Shortly following the closing of the merger, FAIC shareholders will be provided with information regarding the process to receive the merger consideration, which will be disseminated to them by RBB Bancorp's transfer agent, Issuer Direct. The contact information for Issuer Direct will also be set forth in the press release RBB Bancorp will issue at closing of the transaction. In accordance with the terms of the merger agreement, Raymond Yu, the Chairman of the Board of Directors of FAIC, was appointed as Vice Chairman of the boards of directors of RBB Bancorp and Royal Business Bank, and Alfonso Lau, a director of FAIC, was appointed to the boards of directors of RBB Bancorp and Royal Business Bank, effective as of the effective time of the merger.