Preferred Bank Increases Quarterly Cash Dividend

LOS ANGELES, March 18, 2021 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has increased the quarterly cash dividend to $0.38 per share, an increase of 26.7% over the previous dividend of $0.30 per share. The dividend is payable on April 21, 2021 to holders of record on April 7, 2021.

Chairman and CEO Li Yu commented, “We are very pleased to increase the dividend and it is a direct reflection of the strong performance of the Bank through the past year as well as expectations for the future. This also serves to maintain our stated desired dividend payout ratio.”

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, and through eleven full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) 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.