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Preferred Bank Commences Up to $50 Million at the Market Offering

/EIN News/ -- LOS ANGELES, Oct. 03, 2017 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), an independent commercial bank focusing on the diversified California market, today announced the initiation of an up to $50 million common stock “at the market offering” program through the filing with the Federal Deposit Insurance Corporation (“FDIC”) of an offering circular and an offering circular supplement. Preferred Bank has received a Stock Permit from the California Department of Business Oversight (“DBO”) to raise up to $50 million in new capital through this program.  The stock permit is permissive only and does not constitute a recommendation or endorsement of the securities being sold.  An equity distribution agreement was executed today with the distribution agents for the $50 million “at the market offering” program. Preferred Bank intends to use the net proceeds for general corporate purposes.

Under the equity distribution agreement, Preferred Bank may, from time to time and at its discretion, offer and sell shares of its common stock having an aggregate value of up to $50 million through FBR Capital Markets & Co., Sandler O’Neill + Partners, L.P. and Raymond James & Associates, Inc., as distribution agents. Sales of common stock, if any, will be made in negotiated transactions of transactions deemed to be “at the market offerings,” as defined in Rule 415 under the Securities Act of 1933, as amended.

Preferred Bank has filed with the FDIC an offering circular and an offering circular supplement for the offering of common stock described in this news release. Before you invest, you should read the offering circular and the offering circular supplement relating to the “at the market offering” program and other documents Preferred Bank has filed with the FDIC for more complete information about Preferred Bank and the “at the market offering” program. You may obtain copies of the offering circular and offering circular supplement relating to the offering without charge by visiting the FDIC’s website at, visiting Preferred Bank’s website at (click on “Investor Relations” and then “Offering Documents”) or by contacting FBR Capital Markets & Co. at 1300 North 17th Street, Suite 1400, Arlington, VA 22209, (800.846.5050).  The information on or that can be accessed through our website, other than the offering circular, offering circular supplement and the documents specifically incorporated by reference therein, is not part of the offering circular or the offering circular supplement.

This news release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any security of Preferred Bank, which is made only by means of an offering circular and related offering circular supplement, nor will there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. 

About Preferred Bank

Preferred Bank is an independent commercial bank headquartered in California. Preferred Bank is chartered by the State of California, and its deposits are insured by the FDIC, to the maximum extent permitted by law. Preferred Bank conducts its banking business from its main office in Los Angeles, California, through ten full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco) 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.  Preferred 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 Statements

This news release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to our ability to raise capital through the offer and sale of common stock under the newly announced “at-the-market” equity offering program, the health of our loan pipeline, financial prospects and other projections of our performance and asset quality, our ability to grow and increase our business, diversify our lending, the anticipated timing and financial performance of new initiatives, and the use of the potential proceeds we may receive in connection with the “at-the-market” equity offering program. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this news release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation changes in interest rates, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate and other factors beyond our control. These and other risks and uncertainties detailed in our periodic reports filed with the FDIC could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. For additional information concerning risks, uncertainties and other factors that may cause our actual results to differ from those anticipated in the forward-looking statements, and risks to our business in general, please refer to our 2016 Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and Amendment No. 1 to our 2016 Annual Report on Form 10-K/A that we filed with the FDIC on March 15, 2017 and on August 23, 2017, respectively, the offering circular and offering circular supplement referred to above, and all other documents we file with the FDIC from time to time. We disclaim any obligation to update forward-looking statements contained in this news release or in the above-referenced 2016 Annual Report on Form 10-K or other FDIC filings, whether as a result of new information, future events or otherwise, except as may be required by law or NASDAQ rules.

Edward J. Czajka    Kristen Papke
Executive Vice President   General Information
Chief Financial Officer    (310) 663-8007
(213) 891-1188

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