LOS ANGELES, July 03, Jul 03, 2019 (GLOBE NEWSWIRE via COMTEX) -- Preferred Bank /zigman2/quotes/210374414/composite PFBC -1.39% , an independent commercial bank focusing on the diversified California market, today reported receiving approval from the California Department of Business Oversight for the repurchase of up to $30 million in PFBC common stock in the open market. This approval is set to expire in January of 2020, as does the approval which was previously received from the Federal Deposit Insurance Corporation. The timing, price and volume of the share repurchases will be determined by Bank management based on its evaluation of market conditions and other relevant factors. The share repurchase program may be suspended, terminated or modified at any time by the Bank for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate.
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.
AT THE COMPANY: AT FINANCIAL PROFILES: Edward J. Czajka Tony Rossi Executive Vice President General Information Chief Financial Officer (310) 622-8221 (213) 891-1188 PFBC@finprofiles.com
(C) Copyright 2019 GlobeNewswire, Inc. All rights reserved.