RBB Bancorp in Los Angeles and Gateway Bank in Oakland, Calif., have terminated their planned merger.
The $4.1 billion-asset RBB agreed to buy the $185.6 million-asset Gateway in December 2021 for $22.9 million. The deal was meant to give RBB an entry point into the San Francisco market.
Since then, RBB has changed CEOs and made significant changes to its board and corporate governance structure.
Neither party will have any liability or pay a penalty tied to the termination.