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Lesley F. Portnoy, Esq.,
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On April 11, 2022, the RBB Bancorp announced that President and Chief Executive Officer Alan Thian has resigned effective immediately following the completion of an internal investigation conducted by a special committee of the Board of Directors.
Mr. Thian had been on a paid leave of absence since February 22, 2022. The investigation, which was conducted by an independent outside law firm on behalf of a special committee of the Board of Directors, identified violations of Company policies and procedures, including those relating to personnel decisions, as well as resulting adverse effects on officer and employee morale. The Board of Directors and management indicated that the violations did not have any overall adverse financial impact on the Company.