Preferred Bank Announces 7.1% Increase in Quarterly Cash Dividend to $0.75 Per Share

LOS ANGELES, Dec. 26, 2024 (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 $0.75 per share from the previous $0.70 per share, an increase of 7.1%. The dividend is payable on January 23, 2025 to holders of record on January 9, 2025.

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 the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches) and one branch in Flushing, New York and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California and a satellite office in Manhattan, 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.