RBB Bancorp Announces Senior Leadership Changes

RBB Bancorp (NASDAQ:RBB) has recently disclosed significant senior leadership changes in a Form 8-K filing submitted to the Securities and Exchange Commission.

With effect from January 1, 2025, Mr. Johnny Lee, who currently serves as the President and Chief Banking Officer of Royal Business Bank (a wholly-owned subsidiary of RBB Bancorp), will take on the roles of President and Chief Executive Officer of the Bank and President of RBB Bancorp. Upon May 22, 2025, Lee will assume the Chief Executive Officer position of RBB Bancorp. Furthermore, starting January 1, 2025, he will also join the boards of directors of both the Bank and the Company.

Simultaneously, Mr. David Morris, presently holding the positions of President and Chief Executive Officer of RBB Bancorp and Chief Executive Officer of Royal Business Bank, will transition from his Chief Executive Officer role at the Bank on January 1, 2025. He will continue as the Chief Executive Officer of RBB Bancorp until May 21, 2025, when he plans to retire from the Company but continue serving on the boards of directors of both entities.

In another key change within the executive leadership, effective January 1, 2025, Mr. I-Ming (Vincent) Liu, the current Executive Vice President and Chief Risk Officer of RBB Bancorp and Royal Business Bank, will step down from the Chief Risk Officer position, taking on the role of Executive Vice President and Chief of Staff at the Bank, reporting directly to Mr. Lee. This shift aims to facilitate a smooth transition in the senior leadership team.

Further, the Company and the Bank have amended the employment agreement with Mr. Johnny Lee. The amendments include specifying new duties, increasing his annual salary to $600,000, and enhancing severance benefits in various termination scenarios. The details of these modifications can be found in the Lee Second Amendment filed as Exhibit 10.1 to the Form 8-K filing.

Moreover, an employment agreement has been entered into between the Company, the Bank, and Mr. Mina Rizkalla, effective January 1, 2025. This agreement outlines the terms of Mr. Rizkalla’s employment, including his minimum base salary, stock awards, bonus structure, and severance arrangements.

Additionally, Mr. Rizkalla has entered into an indemnity agreement with the Company to ensure protection for both parties in the performance of their duties.

This announcement was made public on December 19, 2024, through a press release detailing the appointments and changes in senior leadership roles within RBB Bancorp.

The Company has included the full details of the employment agreements and the press release in Exhibits 10.2 and 99.1, respectively, of the Form 8-K filing.

For a more comprehensive understanding of the changes and agreements, readers are encouraged to refer directly to the filings.

This article reflects the core information from the 8-K SEC filing by RBB Bancorp and intends to provide a concise overview of the recent developments in the Company’s leadership structure.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read RBB Bancorp’s 8K filing here.

RBB Bancorp Company Profile

RBB Bancorp operates as the bank holding company for Royal Business Bank that provides various banking products and services to the Chinese-American, Korean-American, and other Asian-American communities. Its deposit products include checking, savings, and money market accounts, as well as certificates of deposit.