First American International Corp. Shareholders Approve Proposed Merger
NEW YORK, NY / ACCESSWIRE / September 21, 2018 / Shareholders of First American International Corp. (OTCQB: FAIT; ″Company″) today approved the proposed merger of the Company with and into RBB Bancorp (″RBB″).
Pending regulatory approval, and subject to the terms and conditions of the Agreement and Plan of Merger (the ″Merger Agreement″) dated as of April 23, 2018, the Company will merge with and into RBB, and First American International Bank will merge with and into Royal Business Bank (the ″Merger″).
Following the special meeting of the Company shareholders held this morning, President and Chief Executive Officer Mark Ricca stated, ″We are very pleased with the overwhelming support for the Merger by our shareholders, as evidenced by the outcome of the meetings held today. More than 99% of the votes cast at our meeting, 82% of the outstanding shares, were voted in favor of the merger.″
Mr. Ricca commented, ″I want to thank the shareholders of the Company for the overwhelming support they have shown regarding our plan to merge with RBB. We are very pleased that we are planning to merge with such a strong partner and look forward to continuing to serve our customers and communities.″
Completion of the Merger remains subject to the satisfaction of the remaining customary closing conditions contained in the Merger Agreement. Assuming such conditions are satisfied, the Company currently expects to complete the Merger in the fourth calendar quarter of 2018.
About First American International Corp.
First American International Corp. is the holding company for First American International Bank, a community development financial institution and a minority depository institution with eight full service branches, including offering consumer and business banking and loan products and services, and non-deposit insured investment products and services, and one satellite mortgage origination office, serving principally the Chinese-American communities in Manhattan, Queens and Brooklyn in New York City. The Bank maintains a web site at www.faib.com with corporate, investor and branch banking information.
This press release contains a number of forward-looking statements. These statements may be identified by the use of such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar terms and phrases, including references to assumptions.
Forward-looking statements are based on various assumptions and analyses made by us in light of our management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond our control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These factors include, without limitation, the following: the timing and occurrence or non-occurrence of events that may be subject to circumstances beyond our control; increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment; changes in deposit flows, loan demand or collateral values; changes in accounting principles, policies or guidelines; changes in general economic conditions, either nationally or locally in some or all areas in which we do business, or conditions in the real estate or securities markets or the banking industry; legislative or regulatory changes, including those that may be implemented by the new administration in Washington, D.C.; supervision and examination by our regulators; effects of changes in existing U.S. government or government-sponsored mortgage programs; our ability to successfully implement technological changes; our ability to successfully consummate new business initiatives; litigation or other matters before regulatory agencies, whether currently existing or commencing in the future; or our ability to implement enhanced risk management policies, procedures and controls commensurate with shifts in our business strategies and regulatory expectations. This press release may also contain forward-looking statements about the pending merger with RBB. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. The following factors, among others, could cause actual results to differ materially from forward-looking statements: ability to obtain regulatory approvals and meet other closing conditions to the merger on the expected terms and schedule; and delay in closing the merger.
We have no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
President and Chief Executive Officer
SOURCE: First American International Corp.https://www.accesswire.com/512380/First-American-International-Corp-Shareholders-Approve-Proposed-Merger