LOS ANGELES, June 07, 2022 (GLOBE NEWSWIRE) — Privileged Bank (PFBC), (“the Bank”), an independent commercial bank, today announced that it has received all required approvals to proceed with its share buyback plan. In May 2021, the Bank’s shareholders approved a $50 million share buyback plan. Under this plan, the Bank repurchased approximately $18 million of common stock on the open market in 2021. In May 2022, the Board of Directors decided to relaunch the repurchase plan that began in 2021. Accordingly, this repurchase plan provides for the repurchase of approximately $32 million of common shares on the open market.
About Preferred Bank
Preferred Bank is one of the largest independent commercial banks headquartered in California. The Bank is licensed 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 headquarters in Los Angeles, California, and through eleven full-service banking branches in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) and a branch in Flushing, New York. In addition, the Bank operates a loan origination office in the Houston, Texas suburb of Sugar Land. Preferred Bank offers a wide range of deposit and lending products and services to commercial and consumer customers. The Bank offers personalized depositary services as well as real estate finance, commercial loans and trade finance to small and medium-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American bank, Preferred Bank now draws most of its customers from the diverse mainstream market, but continues to benefit from the large migration to California of ethnic Chinese from China and overseas. other parts of East Asia.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, plans, Bank’s objectives, expectations and intentions. and other statements that are not historical facts. These statements are based on the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; loss of senior management and other employees; natural disasters or recurring power shortages; changes in interest rates; competition from other financial services companies; inefficient underwriting practices; insufficient provision for loan and lease losses to cover actual losses; risks inherent in construction loans; unfavorable economic conditions in Asia; slowdown in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communication, information, operational and financial control systems, third party service provider technology; US government monetary policies; government regulations; environmental responsibility with regard to the properties of which the bank becomes the owner; and the terrorist threat. Other factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2021 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation, which can be viewed on the Preferred Bank website. The forward-looking statements contained in this press release speak only as of the date of the press release, and the Bank undertakes no obligation to update any forward-looking statements or to update as to why actual results may differ from those contained in the forward-looking statements. research statements. For more information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.
|IN THE BUSINESS:||IN FINANCIAL PROFILES:|
|Edward J. Czajka||Jeffrey Haas|
|Executive Vice President||General informations|
|Financial director||(310) 622-8240|
|(213) 891-1188||[email protected]|