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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

CBB Bancorp Announces Completion of the Acquisition of Ohana Pacific Bank

July 1, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Jul 1, 2021--

CBB Bancorp, Inc. (OTCQX: CBBI) announced today that it has completed its acquisition of Ohana Pacific Bank (“Ohana”) (OTCPK:OHPB), located in Honolulu, Hawaii. This transaction expands CBB’s presence to Hawaii, where Ohana operates two branches. Ohana Pacific Bank will continue to provide services to its customers in the Hawaiian market, operating as a division of Commonwealth Business Bank (“CBB”).

“We are thrilled to announce the completion of our acquisition of Ohana Pacific Bank and our expansion into the Hawaii markets. We look forward to Ohana providing us with a new source of both core deposit and loan growth under the leadership of James C. Hong, who will remain as President and CEO of Ohana Pacific Bank, a division of CBB. Mr. Hong will also join the executive management team as a Senior Executive Vice President,“ stated Joanne Kim, CBB’s President and Chief Executive Officer.

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About CBB Bancorp, Inc.:

CBB Bancorp, Inc. is the holding company of Commonwealth Business Bank, a full-service commercial bank which specializes in small-to medium-sized businesses and does business as “CBB Bank.” The Bank has eight full-service branches in Los Angeles and Orange Counties, California, and Dallas County, Texas in addition to the two branch locations in Hawaii resulting from the acquisition of Ohana; two SBA regional offices in Los Angeles and Dallas Counties; and five loan production offices in Texas, Georgia, Colorado, and Washington.

For additional information, please go to www.cbb-bank.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210701005888/en/

CONTACT: Douglas J Goddard, EVP & CFO

(323) 988-3010

DouglasG@cbb-bank.com

KEYWORD: HAWAII UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SMALL BUSINESS BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: CBB Bancorp, Inc.

Copyright Business Wire 2021.

PUB: 07/01/2021 05:30 PM/DISC: 07/01/2021 05:31 PM

http://www.businesswire.com/news/home/20210701005888/en