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.