RBB Bancorp Successfully Resolves Compliance Issues

LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) —

RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced that on August 21, 2024, the Federal Deposit Insurance Corporation (the “FDIC”) and the California Department of Financial Protection and Innovation (the “DFPI”) terminated the Consent Order issued to the Bank that was effective October 25, 2023. The termination of the Consent Order follows the Bank’s successful resolution of the deficiencies in the Bank’s Anti-Money Laundering/Countering the Financing of Terrorism (“BSA/CFT”) compliance program that was the subject of the order.

Impact on Individuals:

Individuals who are customers or employees of Royal Business Bank may experience improved confidence in the bank’s compliance practices and overall stability. The termination of the Consent Order indicates that the bank has addressed and resolved the compliance issues, potentially leading to a more secure banking environment for customers.

Impact on the World:

The successful resolution of compliance issues by RBB Bancorp sends a positive signal to the financial industry as a whole. It demonstrates the importance of regulatory compliance and the ability of financial institutions to address and rectify any deficiencies in their compliance programs. This can lead to increased trust and credibility in the banking sector, both domestically and internationally.

Conclusion:

In conclusion, the termination of the Consent Order by the FDIC and DFPI is a significant milestone for RBB Bancorp and Royal Business Bank. It reflects the company’s commitment to upholding compliance standards and ensuring a secure banking environment for its customers and stakeholders. The impact of this resolution extends beyond the individual institution and serves as a positive example for the financial industry as a whole.