Preferred Bank Announces Continuation of Share Repurchase Plan

LOS ANGELES, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (“the Bank”), an independent commercial bank, today announced that the Board of Directors has approved the repurchase of another $50 million of the Bank’s common stock. The shares will be purchased in the open market.

Recall that at the Annual Shareholder’s Meeting on May 16, 2023, the Bank’s shareholders approved a stock repurchase plan which calls for the repurchase of up to a total of $150 million of the Bank’s common stock. On June 12, 2023, the Bank announced that the Board had approved the first $50 million in repurchases under that blanket shareholder approval and those stock repurchases were completed in October of 2023. The average price of the shares purchased was $58.59.

About Preferred Bank

Preferred 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, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)). The Bank also operates a branch in Flushing, New York and in the Houston suburb of Sugar Land, Texas. 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.