By Colin Kellaher

Shares of RBB Bancorp fell sharply Tuesday after the bank holding company said Alan Thian, its president and chief executive, was taking a leave of absence while a special committee of its board conducted an internal investigation.

Specific details of the investigation weren't immediately available.

Mr. Thian has served as RBB's president and CEO since its formation in 2011 and of the company's Royal Business Bank unit since it began operations in 2008.

President Biden last year appointed Mr. Thian to serve on the Community Development Advisory Board, which provides advice to the Treasury Department's Community Development Financial Institutions Fund.

RBB said David Morris, executive vice president and chief financial officer, will serve as interim president and CEO.

RBB shares were recently changing hands at $22.29, down 13.5%.