OAKLAND, Calif.--(BUSINESS WIRE)--Gateway Bank, F.S.B. announced today that, effective as of September 28, 2023, Gateway Bank and Royal Business Bank have mutually agreed to terminate the definitive agreement previously entered into on December 28, 2021. Neither party has or will have any liability or pay any penalty to the other party as a result of the termination, and each party has released the other from any and all claims related to the definitive agreement or the transactions contemplated by the definitive agreement.
“While we are disappointed with this outcome, Gateway Bank has made tremendous strides in recent years and the board and management is excited about the future growth prospects of the bank” said Timothy Chrisman, the Chairman of the Board of Directors. “Gateway Bank remains well-capitalized and credit quality is strong. We have a renewed focus on Gateway Bank’s growth prospects and are pleased to announce the hiring of Arnold T. Grisham as the bank’s proposed President and Chief Executive Officer. Mr. Grisham has extensive management experience going back to 1975 and has served as the Chief Executive Officer of three community banks in the Oakland, California area.” Mr. Grisham’s appointment is subject to customary regulatory approvals.
About Gateway Bank, F.S.B.
Gateway Bank is a Federally-chartered savings bank headquartered in Oakland, California and began operations on June 8, 1990. The Bank currently operates out of one office located in Oakland's Chinatown, and offers banking services to individuals and businesses in the San Francisco Bay Area.
Forward Looking Statements
This news release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by Gateway Bank, F.S.B. Gateway Bank, F.S.B. disclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performance are not indicative of, nor guarantees of, future price performance.