RBB Bancorp in Los Angeles has agreed to buy TFC Holding, the parent of TomatoBank in Los Angeles.
The $1 billion-asset RBB said in a press release that it will pay $15 a share in cash, or $83.2 million based on TFS Holding's shares outstanding. The deal is expected to close in the first quarter.
The $488 million-asset TFC also has six branches and $421 million in deposits.
The acquisition "gives us the opportunity to further serve our existing clientele and reach a new customer base," Louis Chang, RBB's chairman, said in the release. "We believe this transaction will enable us to more thoroughly serve consumers and businesses in our market niche."
RBB has announced four acquisitions since it was formed in November 2008.
RBB was advised by FIG Partners and Loren P. Hansen. TFC is being advised by Sanli, Pastore & Hill and Gary Steven Findley & Associates.
