Corporate ActionJun 15, 2026, 12:46 PM
RBB Bancorp Authorizes $25M Buyback, Redeems $40M Subordinated Debt
AI Summary
RBB Bancorp's Board of Directors authorized a new common stock repurchase plan for up to 1 million shares, valued at approximately $25 million, representing about 6% of outstanding shares, valid through June 30, 2028. Concurrently, the company announced the partial redemption of $40.0 million of its 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031, with an expected redemption date of July 1, 2026, at a total cost of approximately $40.7 million. These actions reflect the company's strong capital position and ongoing capital management strategy.
Key Highlights
- Board authorized repurchase of up to 1 million shares of common stock.
- Repurchase plan represents approximately $25 million based on current stock price.
- The plan accounts for approximately 6% of current outstanding shares.
- Company redeemed $40.0 million aggregate principal amount of 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031.
- The redemption price was approximately $40.7 million, including accrued interest.
- After redemption, $80.0 million aggregate principal amount of the Notes will remain outstanding.
- The Notes' interest rate reset to three-month term SOFR plus 329 basis points, equaling 6.98% on April 1, 2026.
Price Impact
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