Preferred Bank Announces Increased Cash Dividend

Rhea-AI Summary

Preferred Bank (NASDAQ: PFBC) increases quarterly cash dividend by 27.3% to $0.70 per share from $0.55 per share. The dividend is payable on January 22, 2024, to holders of record on January 8, 2024. Chairman and CEO Li Yu attributes the increase to the strong performance and earnings growth of the Bank throughout 2023.

Positive

• 27.3% increase in quarterly cash dividend
• Strong performance and earnings growth in 2023

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• None.

LOS ANGELES, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the larger independent commercial banks in California, today reported that the Board of Directors has increased the quarterly cash dividend to $0.70 per share from the previous level of $0.55 per share, an increase of 27.3%. The dividend is payable on January 22, 2024 to holders of record on January 8, 2024.

Chairman and CEO Li Yu commented, “We’re extremely pleased to announce this increase in the cash dividend as it is a direct reflection of the strong performance and earnings growth of the Bank throughout 2023.”

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)). The Bank also operates a branch in Flushing, New York and in the Houston suburb of Sugar Land, Texas. 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: Edward J. Czajka Executive Vice President Chief Financial Officer (213) 891-1188

AT FINANCIAL PROFILES: Jeffrey Haas General Information (310) 622-8240 PFBC@finprofiles.com

FAQ

What is the latest dividend per share for Preferred Bank (NASDAQ: PFBC)?

Preferred Bank (NASDAQ: PFBC) has increased its quarterly cash dividend to $0.70 per share from $0.55 per share.

When is the dividend payable for Preferred Bank (NASDAQ: PFBC)?

The dividend is payable on January 22, 2024, to holders of record on January 8, 2024 for Preferred Bank (NASDAQ: PFBC).

Who commented on the increase in cash dividend for Preferred Bank (NASDAQ: PFBC)?

Chairman and CEO Li Yu attributed the increase to the strong performance and earnings growth of the Bank throughout 2023.

Why did Preferred Bank (NASDAQ: PFBC) increase its cash dividend?

The increase in cash dividend is a direct reflection of the strong performance and earnings growth of the Bank throughout 2023, according to Chairman and CEO Li Yu.