Menu
Banking Exchange Magazine Logo
Menu

Branch Business: RBB Buys Hawaii Location, Summit Adds MVB Offices

Royal Business Bank adds $78 million in deposits with branch purchase, while MVB offloads quartet of sites to Summit

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Branch Business: RBB Buys Hawaii Location, Summit Adds MVB Offices

Los Angeles-based Royal Business Bank (RBB) has purchased Bank of the Orient’s Honolulu, Hawaii branch.

The acquisition will see RBB take on deposits totalling approximately $77.8 million, and selected performing loans totalling $10 million, for a total purchase price of $2.8 million.

Yee Phong Thian, RBB’s president and CEO, said the deal “accelerates our goal of expanding our presence in vibrant Asian-American communities”.

James Kao, chairman of parent company RBB Bancorp, added: “Royal Business Bank is committed to providing a smooth transition with minimal impact for all stakeholders. We believe our experience integrating past acquisitions and excellent relations with regulators will allow us to seamlessly integrate this branch into the existing national RBB network.”

The transaction is subject to regulatory approval and is expected to be completed by December 31, 2021.

Elsewhere, West Virginia-based Summit Community Bank has acquired four MVB Bank branches in southern West Virginia. The deal also includes two drive-through banking locations.

In a statement, MVB said it would record a pre-tax gain of approximately $10 million on the sale as it fully exits the region.

The deal will see approximately $167 million in deposits transfer to Summit, as well as a $55 million loan book.

Larry Mazza, MVB Bank president and CEO, said the sale was the latest in “a series of opportunistic actions” that have boosted shareholder value.

He added: “This banking center divestiture also allows for a sharpened focus on our core commercial markets in North Central West Virginia and Northern Virginia, as well as our rapidly growing fintech business.”

back to top

Sections

About Us

Connect With Us

Resources

Webinar — Leveraging Open Banking Trends to Transform Your Institution

Time/Date: October 5th, 2:00 CT

The concept of open banking is ushering in exciting new possibilities for financial institutions of all sizes, transforming how they do business and driving new revenue opportunities. Join Shane Ferrell, Vice President of Product Strategy and Director of Software Engineering Barkley Hughes as they answer these questions and more: 

• What is open banking, and how does a financial institution take full advantage of this rapidly growing technology?

• What are key areas to look for when considering leveraging a third-party technology or an open banking marketplace?

• What role does FDX play in the future of open banking?

REGISTER NOW!

This webinar is brought to you by:
OneSpan logo