RBB Bancorp said the sister of Alan Thian, who resigned as the Los Angeles company’s president and CEO last year, has stepped down from its board.
The $3.9 billion-asset RBB disclosed in a regulatory filing that Catherine Thian resigned on March 13, citing health reasons. She also resigned her posts on the company’s asset/liability, nomination and corporate governance, director’s loan and CRA committees.
She also left the boards of RBB Asset Management and FAIB Capital.
Alan Thian resigned after an internal investigation, handled by an outside law firm, identified violations of company policies and procedures, including those tied to personnel decisions and the “resulting adverse effects on officer and employee morale.”
Catherine Thian joined the board in 2010.
In a separate filing, RBB said it had delayed filing its annual report while it completes its analysis for adopting the Current Expected Credit Loss accounting standard.
RBB said it needs more time for Crowe, its accounting firm, to complete certain audit procedures tied to CECL, including an evaluation of the effectiveness of the company’s internal controls over financial reporting.