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David R. Morris
LOS ANGELES, California (May 17, 2013) – Royal Business Bank (RBB), announced today that it completed its acquisition of Los Angeles National Bank (LANB) for cash. LANB operates four full–service branches in Orange and Los Angeles Counties. LANB had assets as of March 31, 2013 of $192.5 million, deposits of $163.9 million and shareholder’s equity of $28.5 million.
The transaction will increase total assets of RBB to approximately $750 million and will mark RBB’s third acquisition since its formation in November 2008 and its first in Los Angeles and Orange Counties. On Saturday morning LANB’s offices will become branches of RBB and operate as “Los Angeles National Bank a Division of Royal Business Bank” until the completion of the conversion to a common platform in June.
Louis Chang, Chairman of RBB, stated, “We are very pleased to expand our growing franchise into Orange County. The acquisition of Los Angeles National Bank gives us the opportunity to serve our market niche in Orange County and to reach a new customer base. Los Angeles National Bank has been serving the Chinese-American community for nearly 40 years, and we are happy to build on the successes of LANB. As with LANB, RBB’s success has been built on providing excellent customer services in the communities that it serves.”
Alan Thian, President and CEO of RBB continued, “Los Angeles National Bank’s success in commercial real estate and consumer mortgage lending to the customers its serves will compliment the areas RBB has expertise in, mainly providing construction, commercial and SBA lending.”
Johnson Tsai, Chief Executive Officer of Los Angeles National Bank, added, “Los Angeles National Bank has served the banking needs of ethnically diverse communities in Southern California for almost 40 years. Management, directors, and owners of LANB would like to thank our long-time customers for their loyalty and support. We would not be here all these years without you! We also want to thank the hard working past and present LANB employees.”
Mr. Tsai continued to state “We believe that RBB shares many of our core beliefs in community banking, and moving forward we feel comfortable in the knowledge that with the leadership provided by Mr. Alan Thian, President and CEO, his board of directors and senior management. The newly merged institution will continue to deliver the outstanding customer service and a wide array of products possible.”
RBB is being advised by Loren P. Hansen, APC. LANB is being advised by FIG Partners and by King, Holmes, Paterno & Berliner, LLP.
RBB is a Chinese-American business-oriented bank with an emphasis on trade finance, commercial and industrial, and SBA lending. Our size and infrastructure allows our bank to serve customers that require higher lending limits than normally associated with smaller, local banking organizations. RBB established its Los Angeles, California headquarters in November 2008. Initial total capital was $71 million. It has seven branches; four in the Los Angeles area, two in Ventura County, and one in Las Vegas and one Loan Production Office in the City of Industry. Additional information can be found on the internet at www.royalbusinessbankusa.com.
LANB was founded in 1973 and is one of the oldest banks serving the Chinese-American community in Southern California. LANB operates branches in Buena Park, Monterey Park, Rowland Heights and Silverlake. Additional information on Los Angeles National may be found on its web site: www.lanbusa.com.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “expect,” “believe,” “intend,” “plan,” “estimate,” “may,” “should,” “will likely result,” “will continue,” “is anticipated,” “estimate,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to and involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those indicated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in forward looking statements: (1) the businesses of Royal Business Bank and Ventura may not be combined successfully or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) changes in general economic conditions, could affect the volume of loan originations, deposit flows and real estate values, credit quality trends; (5) changes in laws, regulations or policies by government or regulatory agencies could affect the banking industry, (6) fluctuations in interest rates could affect the banking industry, (7) change in the demand for loans in the market areas that Royal Business Bank and Ventura conduct their respective business could affect profitability, and (8) competition from other financial services companies in Royal Business Bank’s and Ventura’s markets could increase. These statements include, but are not limited to, statements about Royal Business Bank’s and Ventura’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts. Royal Business Bank and Ventura caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Royal Business Bank and Ventura undertake no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.