Ohana Pacific Bank, which opened in Honolulu 15 years ago catering to small and mid-size businesses and the Korean American community, is now a division of Los Angeles-based Commonwealth Business Bank.

Holding company CBB Bancorp Inc. said it has completed its acquisition of Ohana Pacific in an all-cash deal worth up to $24.8 million. The deal, which was announced Jan. 28, closed July 1.

Ohana Pacific, the state’s smallest locally based bank, currently has two branches. Its headquarters and main branch, which opened in June 2006, are at 1357 Kapiolani Blvd., a block from Ala Moana Center. The bank also has an in-store branch that opened in December 2013 at Palama Super Market in Kalihi.

James Hong will remain president and CEO of Ohana Pacific while joining the executive management team of CBB as a senior executive vice president. Ohana Pacific, which has 25 employees, said there will be no negative impact on customers, who will benefit from increased loan limits, more products and services, and an expanded branch network in Los Angeles.

“Ohana will benefit from much larger capital to be able to accommodate large-size loans in Hawaii as well as the mainland,” Hong said. “Also, OPB can utilize more advanced IT products and other operational systems, including the branch and loan production office network nationwide. CBB can benefit from our consumer banking services, including residential mortgages and a low-cost core deposit base. They can also benefit from expanding business opportunities from Korea in the Hawaii market.”

Under the deal, Ohana Pacific’s roughly 250 stockholders will receive $10.25 in cash for each share they own. In addition, shareholders will receive the right to get an additional 75 cents a share based on the performance of a specified pool of 11 Ohana Pacific loans — some roughly $1 million to $2 million in value — during the period from Sept. 30, 2020, through June 30, 2022.

The purchase marks the first bank acquisition in Hawaii since Irvine, Calif.-­based First Foundation Inc. acquired Pacific Rim Bank, with its one branch at Waterfront Plaza, in a mostly all-stock $12.3 million deal that closed in June 2015.

The addition of the two Hawaii branches now gives CBB 10 full-service branches, with the other eight in Los Angeles and Orange counties in California, and Dallas County in Texas. CBB also has two Small Business Administration regional offices in Los Angeles and Dallas counties, and five loan production offices in Texas, Georgia, Colorado and Washington.

“We are thrilled to announce the completion of our acquisition of Ohana Pacific Bank and our expansion into the Hawaii markets,” CBB President and CEO Joanne Kim said in a statement. “We look forward to Ohana providing us with a new source of both core deposit and loan growth under the leadership of James C. Hong.”

Hong said Ohana Pacific is looking to open “a couple of branches” as soon as the merger and acquisition process settles down. He said the locations have not been decided yet.

Ohana Pacific finished 2020 with net income of $1.2 million, assets of $198 million, loans of $150 million and deposits of $174 million.

CBB, which does business as CBB Bank and specializes in small to medium-size businesses, ended 2020 with net income of $9.9 million, assets of $1.38 billion, net loans of $1.03 billion and deposits of $1.10 billion.

Shares of CBB Bancorp, which trade under the ticker CBBI on the over-the-counter market, closed unchanged Wednesday at $12.11.