RBB Bancorp is preparing for an $82.8 million initial public offering, according to documents filed with the Securities and Exchange Commission Wednesday.

The offering is for 3 million shares – 2.1 million offered by the bank and 900,000 offered by existing shareholders – with an additional 450,000 shares available to be purchased by underwriters.

The downtown-based RBB Bancorp had total assets of $1.5 billion as of March 3, according to the filing. The financial institution had a net income of $19.1 million in 2016 – up from $13 million in 2015.

RBB Bancorp’s growth has been steady for the last five years, with deposits growing through a series of acquisitions and organic expansion into different lending markets. The company in February 2016 purchased TFC Holding Co. – the parent company of TomatoBank – for $86.7 million in cash, which added $469.9 million to RBB Bancorp’s total assets.

RBB Bancorp is majority controlled by nine families, all of which have ties to its leadership. That group collectively owns 66.8 percent of the bank’s outstanding shares. Chief Executive Yee Phong (Alan) Thian owns the largest individual block of shares with an 8.4 percent stake.

Deals & Dealmakers reporter Henry Meier can be reached at hmeier@labusinessjournal.com. Follow him on Twitter @henry_meier.