PFBC - Preferred Bank Disposes New York OREO Properties

LOS ANGELES, March 29, 2019 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (the “Bank”) an independent commercial bank headquartered in Southern California, today announced the disposition of the Bank’s two non-performing multi-family properties located in Manhattan, New York which were acquired through foreclosure of two non-performing loans in January 2019.  The Bank sold the two properties, with a book value of $36.9 million in one sale to one buyer. This transaction closed on March 29, 2019 and due to transfer and other taxes associated with the sale, the Bank will record a loss on sale of approximately $1.4 million.

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.