L.A.-based bank acquires First Asian Bank in Las Vegas

By Steve Green

Thursday, Feb. 24, 2011 | 5:24 p.m.

Royal Business Bank of Los Angeles will enter the Las Vegas market by acquiring First Asian Bank, the banks announced today.

First Asian has two branches and as of Dec. 31 had loans and other assets of $35.1 million.

Like First Asian, Royal Business Bank focuses on serving the Asian-American market with three branches in the Los Angeles area.

"We are very pleased to expand our growing franchise into Las Vegas. The acquisition of First Asian gives us the opportunity to further serve our existing clientele and reach a new customer base. Now as part of Royal Business Bank, we believe that First Asian Bank will be able to more thoroughly serve consumers and businesses in the Las Vegas market," Royal Business Bank Chairman Louis Chang said in a statement.

Terms of the deal were not immediately disclosed.

Like other Las Vegas banks, First Asian has struggled with bad loans during the recession. In 2010 it reported losing $2.97 million on interest income of $1.549 million.

In April, a consent order was issued against First Asian by the Federal Deposit Insurance Corp. But on Dec. 10, First Asian said the order had been lifted because of successful efforts to meet regulatory compliance requirements.