RBB Bancorp Announces Termination of Consent Order by U.S. Regulators
RBB Bancorp announces the termination of a consent order by U.S. regulators after resolving deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism programs.
Bollywood Fever: RBB Bancorp announced on Thursday that the consent order issued against the community bank by U.S. regulators in October 2023 has been officially terminated.
The termination follows the successful resolution of deficiencies in the bank’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) programs, according to a statement by RBB and its subsidiaries.
The consent order was originally issued by the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation.
The order required the bank to address specific shortcomings in its AML and CFT protocols, which the bank has now fully rectified.
RBB Bancorp, headquartered in Los Angeles, California, reported total assets of $3.9 billion as of June 30.
The resolution of the regulatory issues appears to have had a positive impact on the bank’s stock performance, with its shares rising approximately 15% so far this year.
As of the latest data from LSEG, RBB Bancorp has a market capitalization of about $388.14 million.
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