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Note 22 - Subsequent Events
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 22 - SUBSEQUENT EVENTS

 

On October 19, 2023, RBB announced a cash dividend of $0.16 per share for the third quarter of 2023. The dividend is payable on November 10, 2023 to common shareholders of record as of October 30, 2023.

 

As previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on October 31, 2023, effective October 25, 2023, the Bank entered into a Stipulation with the FDIC and the DFPI, consenting to the issuance of the Consent Order relating to the Bank’s AML/CFT compliance program. In connection to the issuance of the Consent Order, the Bank did not admit or deny any charges of violating BSA and its implementing regulations.

 

Pursuant to the terms of the Consent Order, and within certain timeframes, the Bank is required to make certain enhancements and take certain actions with respect to its AML/CFT compliance program, including (i) enhancing personnel with oversight responsibilities with respect to the Bank’s AML/CFT compliance program, (ii) enhancing existing AML/CFT policies and practices, internal controls, customer due diligence, and training programs, and (iii) establishing an independent testing program to analyze and assess the Bank’s BSA Department.  The Consent Order also requires the Bank to correct certain alleged violations of the BSA program, including internal controls, staffing and the timing of the filing of one suspicious activity report. The Consent Order does not require the Bank to pay any civil money penalty, require additional capital, increase liquidity, improve asset quality or otherwise concern other aspects of the Bank’s operations.