Preferred Bank Announces Share Repurchase Plan
June 07 2022 - 7:30AM
Preferred Bank (NASDAQ: PFBC), (“the Bank”), an
independent commercial bank, today announced that it had received
all the required approvals to continue its stock repurchase plan.
In May of 2021, the Bank’s shareholders approved a $50 million
share repurchase plan. Under that Plan, the Bank repurchased
approximately $18 million worth of common stock in the open market
during 2021. In May of 2022, the Board of Directors elected to
re-commence the repurchase plan which began in 2021. Therefore,
this repurchase plan calls for the repurchase of up to
approximately $32 million of common stock in the open market.
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 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. In addition, the Bank operates a Loan Production Office in
the Houston, Texas suburb of Sugar Land. 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.
Forward-Looking StatementsThis 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, the Bank's plans, objectives,
expectations and intentions and other statements that are not
historical facts. Such statements are based upon 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 the 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; the loss of senior management and other employees;
natural disasters or recurring energy shortage; changes in interest
rates; competition from other financial services companies;
ineffective underwriting practices; inadequate allowance for loan
and lease losses to cover actual losses; risks inherent in
construction lending; adverse economic conditions in Asia; downturn
in international trade; inability to attract deposits; inability to
raise additional capital when needed or on favorable terms;
inability to manage growth; inadequate communications, information,
operating and financial control systems, technology from fourth
party service providers; the U.S. government’s monetary policies;
government regulation; environmental liability with respect to
properties to which the bank takes title; and the threat of
terrorism. Additional 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 found on Preferred Bank’s website. The forward-looking
statements in this press release speak only as of the date of the
press release, and the Bank assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those contained in the forward-looking
statements. For additional information about Preferred Bank, please
visit the Bank’s website at www.preferredbank.com.
AT THE
COMPANY: |
AT FINANCIAL
PROFILES: |
Edward J. Czajka |
Jeffrey Haas |
Executive Vice President |
General Information |
Chief Financial Officer |
(310) 622-8240 |
(213) 891-1188 |
PFBC@finprofiles.com |
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