Preferred Bank (Chinese: 保富銀行) is a California state-chartered bank founded in 1991. In its early years the bank focused its services on the Chinese American community in Southern California.[1] Preferred Bank first announced an initial public offering in 1998, but postponed the offering due to poor market conditions.[2] Its eventual IPO in 2005 raised over US$80 million in a sale of over 2 million shares.[3] Preferred Bank is listed on NASDAQ (Nasdaq: PFBC).
An inadequate leverage ratio and concerns about management led to a consent decree in March 2010, later lifted and replaced with a memorandum of understanding, in which California banking regulators required the bank to review its management policies and increase its liquidity.[4] In 2015, Preferred Bank acquired United International Bank of Flushing, New York.[5] The loan obligations taken on as part of the acquisition increased its percentage of problem assets significantly, and after losing money on the disposal of problem assets, the company returned to a focus on local business rather than acquisitions.[6]
ReferencesEdit
^Vrana, Deborah (December 14, 1998). "East-West Bank Taking an Unusual Route to Go Public". Los Angeles Times. Retrieved August 23, 2023.
^Vrana, Deborah (June 8, 1998). "Preferred Bank to Launch $20-Million IPO". Los Angeles Times. Retrieved August 23, 2023.
^Kuehner-Hebert, Katie (February 18, 2005). "Bank for Chinese Has Good IPO". American Banker. Vol. 170, no. 34. p. 4.
^Stewart, Jackie (June 1, 2012). "Regulators Terminate Consent Order Against Los Angeles Bank". American Banker. Vol. 177, no. 6. p. 9.
^Bank, Preferred (November 23, 2015). "Preferred Bank Closes Acquisition of United International Bank". GlobeNewswire News Room. Retrieved April 24, 2021.
^Maio, Pat (April 11, 2019). "Preferred Finds Local Profits". Los Angeles Business Journal. Retrieved August 23, 2023.
preferred, bank, chinese, 保富銀行, california, state, chartered, bank, founded, 1991, early, years, bank, focused, services, chinese, american, community, southern, california, first, announced, initial, public, offering, 1998, postponed, offering, poor, market, . Preferred Bank Chinese 保富銀行 is a California state chartered bank founded in 1991 In its early years the bank focused its services on the Chinese American community in Southern California 1 Preferred Bank first announced an initial public offering in 1998 but postponed the offering due to poor market conditions 2 Its eventual IPO in 2005 raised over US 80 million in a sale of over 2 million shares 3 Preferred Bank is listed on NASDAQ Nasdaq PFBC Preferred BankTypePublicTraded asNasdaq PFBCS amp P 600 componentIndustryFinance and insuranceFounded1991HeadquartersLos Angeles County CaliforniaKey peopleLi Yu Chairman Chairman and CEO Wellington Chen President and COO Edward J Czajka EVP and CFO Nick Pi EVP and CCO Johnny Hsu EVP and Deputy COOProductsBankingTotal assetsUS 6 422 billion 2022 Number of employees120Websitepreferredbank wbr comAn inadequate leverage ratio and concerns about management led to a consent decree in March 2010 later lifted and replaced with a memorandum of understanding in which California banking regulators required the bank to review its management policies and increase its liquidity 4 In 2015 Preferred Bank acquired United International Bank of Flushing New York 5 The loan obligations taken on as part of the acquisition increased its percentage of problem assets significantly and after losing money on the disposal of problem assets the company returned to a focus on local business rather than acquisitions 6 References Edit Vrana Deborah December 14 1998 East West Bank Taking an Unusual Route to Go Public Los Angeles Times Retrieved August 23 2023 Vrana Deborah June 8 1998 Preferred Bank to Launch 20 Million IPO Los Angeles Times Retrieved August 23 2023 Kuehner Hebert Katie February 18 2005 Bank for Chinese Has Good IPO American Banker Vol 170 no 34 p 4 Stewart Jackie June 1 2012 Regulators Terminate Consent Order Against Los Angeles Bank American Banker Vol 177 no 6 p 9 Bank Preferred November 23 2015 Preferred Bank Closes Acquisition of United International Bank GlobeNewswire News Room Retrieved April 24 2021 Maio Pat April 11 2019 Preferred Finds Local Profits Los Angeles Business Journal Retrieved August 23 2023 External links EditPreferred Bank nbsp Banks portal Retrieved from https en wikipedia org w index php title Preferred Bank amp oldid 1179524358, wikipedia, wiki, book, books, library,
