Los Angeles bank closes deal for First Asian Bank in Las Vegas


Royal Business Bank of Los Angeles has completed the acquisition of First Asian Bank that was announced in February.

First Asian was launched in 2007 by Asian-American businesspeople in Las Vegas, but ran into trouble the next year. The Federal Deposit Insurance Corp. sent bank leaders a notice criticizing their management and bookkeeping practices.

As of June 30, First Asian had $30 million in assets and two branches.

Royal, also controlled by Asian-Americans, was formed in 2008 and had grown to about $330 million in assets and three branches. The deal marks Royal's first foray outside the Los Angeles area.

 

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