Arnold & Porter Advises First American International Corporation on Completion of $117 Million Sale to RBB Bancorp
Arnold & Porter advised First American International Corporation, parent of First American International Bank, in its $117 million sale to RBB Bancorp, Inc. (RBB), parent of Royal Business Bank. The definitive agreement includes cash and stock. The merger consideration consisted of cash and RBB stock. In accordance with the merger agreement and prior to completion of the merger, Arnold & Porter assisted First American with its repurchase of $17 million of preferred stock held by the United States Treasury and issued under the Troubled Asset Relief Program. The repurchase was financed in part by RBB.
The transaction brings RBB's total assets to approximately $2.7 billion, based on information as of June 30, 2018. RBB provides business banking services to Chinese-American Communities in California and Nevada. First American International Bank, which principally serves Chinese-American communities in New York and has eight full-service branches offering consumer and business banking and loan products services, adds regional market leadership to RBB's franchise.
The transaction team was led by Financial Services partner Michael Mancusi, Corporate and Finance partner Robert Azarow, and associate Marianna Shelenkova. The team also included Tax partner Laurie Abramowitz, counsel Kathleen Wechter, and associate Reuven Graber; Corporate and Finance associate Eric An; and Financial Services associate Anthony Raglani.