Preferred Bank Receives Negotiating Permit From State of California to Raise New Common Stock
June 26 2017 - 4:01PM
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
kpapke@finprofiles.com
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