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RBB Bancorp Acquires Pacific Global Bank for $32.5M

RBB Bancorp and its subsidiaries, Royal Business Bank and RBB Asset Management Company, announced that it has entered into a definitive merger agreement with PGB Holdings, Inc. and its wholly-owned subsidiary Pacific Global Bank (collectively referred to herein as “Pacific Global Bank” or “PGB”), whereby RBB will acquire PGB in a cash transaction valued at approximately $32.5 million.  PGB owns two of its three branches with an estimated fair market value of approximately $2 million in excess of book value.

Pacific Global Bank, a commercial bank based in Chicago, IL, had total assets of $223.3 million, total gross loans of $168.8 million, and total deposits of $196.7 million as of June 30, 2019. Principally serving the Chinese-American communities in Chicago, Pacific Global Bank has three branches located in the Chicago neighborhoods of Chinatown and Bridgeport, offering consumer and business banking and loan products and services.

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