FIG Has Now Completed 15 Subordinated Debt Capital Raises Since 2015 Totaling $270 Million
ATLANTA, April 18, 2016 — RBB Bancorp, the parent company of Royal Business Bank, has announced the placement of $50 million in subordinated notes.
The notes were issued on March 31, 2016 and qualify as Tier 2 capital. The Los Angeles-based company said the proceeds will be used for general corporate purposes, capital management and to support future growth.
FIG Partners served as Sole Placement Agent to RBB Bancorp. The FIG team included Greg Gersack, Senior Managing Principal and Co-Head of Investment Banking; Dan Flaherty, Vice President, Investment Banking; Ricardo Diaz, Senior Vice President, Fixed Income; and Patrick Ahern, Managing Director, Fixed Income.
Louis Chang, RBB Bancorp Chairman, said, “We are pleased to announce the successful completion of our subordinated debt placement, as a form of low-cost regulatory capital. This transaction is in line with our long-term capital management strategy and is critical to our future growth plans. The Company remains committed to increasing shareholder value, and we believe this private placement of subordinated debt is an important step in our strategic plan.”
More information from RBB Bancorp is available here.