LOS ANGELES, July 31, 2017 /PRNewswire/ -- RBB Bancorp (NASDAQ: RBB) today announced that it has completed its initial public offering of 3,750,000 shares of no par value common stock at a price to the public of $23.00 per share and a total offering size of $86,250,000. RBB Bancorp sold 2,857,756 shares and the selling shareholders sold 892,244 shares of RBB Bancorp's common stock. The offering resulted in gross proceeds to RBB Bancorp of approximately $61.8 million. RBB Bancorp intends to contribute $25 million of the net proceeds received from this offering to Royal Business Bank, its wholly-owned subsidiary, and to use the remainder for general corporate purposes, which could include future acquisitions and other growth initiatives. RBB Bancorp did not receive any proceeds from the sale of shares by the selling shareholders.
RBB Bancorp's common stock now trades on the Nasdaq Global Select Market under the symbol "RBB."
The underwriters have a 30-day option to purchase up to an additional 562,500 shares of common stock from RBB Bancorp at the initial public offering price less the underwriting discount.
Sandler O'Neill + Partners, L.P., Keefe, Bruyette & Woods, a Stifel Company, and Stephens Inc. acted as book-running managers. FIG Partners, LLC acted as co-manager.
The Securities and Exchange Commission declared the Registration Statement (File 333-219018) relating to these securities effective on July 25, 2017. The offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained by contacting Sandler O'Neill + Partners, L.P. at toll-free 1-866-805-4128 or by emailing email@example.com, or Keefe, Bruyette & Woods, Inc. at toll-free 1-800-966-1559 or by emailing kbwsyndicatedeskkbw.com, or Stephens Inc. at toll-free 1-800-643-9691 or by emailing firstname.lastname@example.org or FIG Partners, LLC at toll-free 1-866-344-2657 or by emailing ggersack@figpartners. Copies of the registration statement and final prospectus may also be obtained free of charge from the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The common stock is not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
About RBB Bancorp
RBB Bancorp is a $1.5 billion in assets bank holding company headquartered in Los Angeles, California. Its wholly-owned subsidiary, Royal Business Bank (the "Bank"), is a full service commercial bank which provides business banking services to the Chinese-American communities in Los Angeles County, Orange County, Ventura County and in Las Vegas, including remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance and a full range of depository accounts. The Bank has ten branches in Los Angeles County, located in downtown Los Angeles, San Gabriel, Torrance, Rowland Heights, Monterey Park, Silverlake, Arcadia, Cerritos, Diamond Bar, and west Los Angeles, two branches in Ventura County, located in Oxnard and Westlake Village, and one branch in Las Vegas, Nevada. RBB's administrative and lending center is located at 123 E. Valley Blvd., San Gabriel, California 91176, and its finance and operations center is located at 7025 Orangethorpe Avenue, Buena Park California 90621. RBB's website address is www.royalbusinessbankusa.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements," including with respect to the initial public offering. Forward-looking statements are subject to many risks and uncertainties, including, but not limited to: changes in business plans as circumstances warrant; changes in general economic, business and political conditions, including changes in the financial markets; and other risks detailed in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and other sections of the Registration Statement. Potential investors should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "attribute," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and RBB does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as may be required by law.
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SOURCE RBB Bancorp
RBB Bancorp, Media contact: David Morris, 714-670-2488, email@example.com or Investor relations contact: Yee Phong (Alan) Thian, 626-307-7588, firstname.lastname@example.org