RBB Bancorp’s $32.9 Million Acquisition of PGB Holdings and Pacific Global Bank

The Findley Group served as financial advisor to RBB and Loren P. Hansen, APC acted as RBB’s legal counsel. Janney Montgomery Scott LLC served as financial advisor to PGB and Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as PGB’s legal counsel.

RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank and RBB Asset Management Company, completed its acquisition of PGB Holdings, Inc. and its wholly-owned subsidiary Pacific Global Bank based in Chicago, IL.

Pursuant to the terms of the transaction, the Company acquired PGB in a cash transaction valued at approximately $32.9 million or $69.49 per share of PGB stock.

As part of the transaction, all three branches of Chicago-based Pacific Global Bank were merged into Royal Business Bank. The transaction brings RBB’s total assets to over $3.0 billion, based on information as of September 30, 2019. The branches plan to operate as Pacific Global Bank, a Division of Royal Business Bank, until a system conversion near the end of March, at which time the branches will operate as Royal Business Bank.

This transaction not only allows RBB to enter the Chicago market, but also to expand its focus on the Chinese-American market.

Barack Ferrazzano’s team was led by Dennis R. Wendte (Picture) and Emily N. Henkel. Compensation & Employment matters were handled by Andrew K. Strimaitis and Andrew J. Gordon. Tax matters were handled by Michael J. Towne and Megan E. Toal.

Involved fees earner: Andrew Gordon – Barack Ferrazzano; Emily Henkel – Barack Ferrazzano; Andrew Strimaitis – Barack Ferrazzano; Megan Toal – Barack Ferrazzano; Michael Towne – Barack Ferrazzano; Dennis Wendte – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: Pacific Global Bank; PGB Holdings;

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Author: Ambrogio Visconti