CBB Bancorp, Inc. (OTCPK:CBBI) signed an agreement to acquire Ohana Pacific Bank (OTCPK:OHPB) for $24.8 million on January 28, 2021. The agreement provides that upon the closing of the transaction, Ohana Pacific Bank shareholders will receive $10.25 in cash for each Ohana Pacific Bank share and a non-transferable contingent value right entitling them to receive up to $0.75 in additional cash for each Ohana Pacific Bank share based on the performance of an identified pool of Ohana Pacific Bank loans during the period from September 30, 2020 through the date that is 12 months following the completion of the merger or, if earlier, June 30, 2022. The transaction would result in an aggregate value to Ohana Pacific Bank shareholders of up to $24.8 million, including full payout on the contingent value right. Promptly after the initial acquisition transaction, Ohana Pacific Bank will merge with and into CBB's Commonwealth Business Bank subsidiary.

The transaction is subject to regulatory and Ohana Pacific Bank shareholder approval, and to other customary conditions. The boards of directors of CBB Bancorp and Ohana Pacific Bank unanimously approved the transaction. CBB Bancorp announced on May 14, 2021, that it has received all regulatory approvals required to complete its previously announced agreement to acquire Ohana Pacific Bank, located in Honolulu, Hawaii. The Company also announced that the Ohana Pacific Bank stockholders have approved the transaction. The acquisition and merger transactions are expected to close in the second half of 2021. As of May 14, 2021, the transaction is expected to be completed in the third quarter of this year. Jeff Wishner, Ashwin Kakani, Vasili Angelopouos, Ocean Huang of Keefe, Bruyette & Woods acted as the financial advisors and Edward Deibert and James Walther of Arnold & Porter Kaye Scholer LLP acted as the legal counsel to CBB Bancorp. Ohana Pacific Bank was advised by The Findley Group as financial advisor and Gary Steven Findley and Associates as legal counsel.

CBB Bancorp, Inc. (OTCPK:CBBI) completed the acquisition of Ohana Pacific Bank (OTCPK:OHPB) on July 1, 2021. As a result of the transaction, James C. Hong will remain as President and Chief Executive Officer of Ohana Pacific Bank and will also join the executive management team as a Senior Executive Vice President.