On October 15, 2018, the Company acquired all the assets and assumed all the liabilities of First American International Corp. in exchange for cash of $34.8 million and 3,011,762 shares of RBB common stocks, which was valued at $69.6 million in the aggregate on the date of acquisition. FAIC operated nine branches in the New York City metropolitan area. The Company acquired FAIC to strategically establish a presence in the New York area. Goodwill in the amount of $28.4 million was recognized in this acquisition. Goodwill represents the future economic benefits arising from net assets acquired that are not individually identified and separately recognized and is attributable to synergies expected to be derived from the combination of the two entities. Goodwill is not deductible for income tax purposes.

The following table represents the assets acquired and liabilities assumed of FAIC as of October 15, 2018 and the fair value adjustments and amounts recorded by the Company in 2018 under the acquisition method of accounting:

	FAIC			Fair Value			Fair
(dollars in thousands)	Book Value			Adjustments			Value
Assets acquired
Cash and cash equivalents	$	55,891		$	—		$	55,891
Fed funds sold		218			—			218
Interest-bearing deposits in other financial Institutions		3,801			—			3,801
Investments - held to maturity		30,814			(611	)		30,203
Investments - available for sale		14,388			—			14,388
Mortgage loans held for sale		1,915			—			1,915
Loans, gross		721,732			(6,161	)		715,571
Allowance for loan losses		(9,583	)		9,583			—
Bank premises and equipment		5,785			3,439			9,224
Mortgage servicing rights		11,274			(660	)		10,614
Core deposit premium		—			6,738			6,738
Other assets		3,518			(2,119	)		1,399
Total assets acquired	$	839,753		$	10,209		$	849,962

Liabilities assumed
Deposits	$	629,609		$	94		$	629,703
FHLB advances		124,500			—			124,500
Subordinated debentures		7,217			(1,241	)		5,976
Other liabilities		14,940			(1,153	)		13,787
Total liabilities assumed		776,266			(2,300	)		773,966
Excess of assets acquired over liabilities assumed		63,487			12,509			75,996
	$	839,753		$	10,209
Stock consideration								69,602
Cash paid								34,837
Goodwill recognized							$	28,443

On January 10, 2020, we acquired PGB Holdings Inc. and its wholly-owned subsidiary, Pacific Global Bank (“PGB”), in an all-cash transaction for $32.9 million. At the time of acquisition, PGB had approximately $217.6 million in total assets, $192.3 million in total deposits, and three branches in Chicago, Illinois.