RBB Bancorp (NasdaqGS:RBB) entered into an agreement to acquire Gateway Bank, F.S.B. (OTCPK:GWBK) for approximately $22.9 million on December 28, 2021. Under the terms of the transaction, RBB will pay to Gateway Bank shareholders approximately $22.9 million in cash. The cash transaction valued at approximately $22.9 million, is subject to certain terms and conditions, including customary holdbacks if certain contingencies are not met, and other possible adjustments as contained in the definitive agreement. The transaction is subject to regulatory approvals as well as other customary closing conditions. The transaction is expected to close in second quarter of 2022. As of May 9, 2022, the transaction will close in the fourth quarter of 2022. RBB expects the transaction to be accretive to earnings per share in 2022 in the mid-single digit range. RBB also expects to incur tangible book value per share dilution of approximately 1.8% upon closing of the transaction, with a tangible book value dilution payback period of approximately 1.8 years. The Findley Group acted as financial advisor and Loren P. Hansen, APC acted as legal advisor to RBB Bancorp. Janney Montgomery Scott LLC acted as financial advisor and Godfrey & Kahn, S.C. acted as legal advisor to Gateway Bank.

RBB Bancorp (NasdaqGS:RBB) cancelled the acquisition of Gateway Bank, F.S.B. (OTCPK:GWBK) on September 28, 2023. Both RBB Bancorp and Gateway Bank, F.S.B. mutually agreed to terminate the agreement. Neither party has or will have any liability or pay any penalty to the other party as a result of the termination.