Preferred Bank

Preferred Bank (Chinese: 保富銀行) is a California state-chartered bank operating in Southern California, United States.

Preferred Bank
TypePublic
IndustryFinance and insurance
Founded1991
Los Angeles, CA
HeadquartersLos Angeles County, California and Orange County, California
Key people
Mr. Li Yu, Chairman, President and CEO
Mr. Edward J. Czajka, CFO
ProductsBanking
Total assetsUS$4.73 billion (31 March 2020)
Number of employees
120
Websitepreferredbank.com

Headquartered in Los Angeles, with branch offices in Arcadia, Alhambra, Century City, Los Angeles, California, Diamond Bar, California, City of Industry, California, Anaheim, Pico Rivera, California, Irvine and Torrance, California, the publicly held community bank was first established on December 23, 1991.

The bank is listed on NASDAQ (Nasdaq: pfbc). As a California state-chartered bank, insured by the Federal Deposit Insurance Corporation, it has consistently earned the highest ratings from financial rating agencies such as Bauer Financial, Sheshunoff, Veribanc, Inc., and The Findley Reports.

In addition to ordinary banking services, Preferred Bank also specializes in several areas to serve its predominantly Chinese American clientele, and these include:

  • International Market Business: consisting of importers and exporters requiring both borrowing and operational products
  • International Private Banking: handling international private banking needs in the Pacific Rim area
  • Middle Market Business: consisting of manufacturing, service and distribution companies with sales of $3 million to $50 million annually and with borrowing requirements of up to $7 million.
  • Professionals: consisting of physicians, accountants, attorneys, and professionals associated with the entertainment industry

History

The bank's initial offering closed December 11, 1998.

In 2015, the bank acquired United International Bank of Flushing, New York.[1]

References
  1. Bank, Preferred (23 November 2015). "Preferred Bank Closes Acquisition of United International Bank". GlobeNewswire News Room. Retrieved 24 April 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.