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LOS ANGELES, June 26, 2017 -- Preferred Bank (NASDAQ:PFBC), an independent commercial bank focusing on the diversified California market, today announced that it has received a Negotiating Permit from the Department of Business Oversight (“DBO”) to raise up to $50 million in new capital. The Permit will expire on December 20, 2017 and specifically allows Preferred Bank to offer to sell securities.
The Bank plans to raise capital through an At The Market (“ATM”) transaction in installments commensurate with the overall asset growth of the Bank. After agreements are negotiated and signed with the market makers involved in the transaction, the Bank will request a Stock Permit from the DBO. It is the Stock Permit, if and when received, which will allow the Bank to sell the new common shares.
About Preferred Bank
Preferred Bank (the “Bank”) is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, through ten full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco) and one branch in Flushing, New York. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.
AT THE COMPANY: Edward J. Czajka Executive Vice President Chief Financial Officer (213) 891-1188 AT FINANCIAL PROFILES: Kristen Papke General Information (310) 663-8007 [email protected]
