LOS ANGELES, March 10, 2023 (GLOBE NEWSWIRE) — Preferred Bank PFBC(“the Bank”), an independent commercial bank, is updating the following (unaudited) financial information in light of recent industry events.

As of March 9, 2023:

• Total deposits increased to $5.622 billion from $5.557 billion at the end of the year
• Cash and cash equivalents total over $900 million, accounting for 13.9% of total assets
• Total securities held to maturity were only $22.2 million
• Total securities for sale were $422.5 million, with the negative $29.8 million mark already being recorded in accumulated other comprehensive income (AOCI).
• Preferred Bank is not exposed to venture capital or cryptocurrency
• Asset quality remains strong and unchanged from year-end 2022
• Preferred Bank has several other sources of credit, none of which are used
  

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Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is licensed 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 principal office in Los Angeles, California and through eleven full-service bank branches in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana) and San Francisco (2)) and an office in Flushing, New York. In addition, the bank operates a loan manufacturing office in Sugar Land, a suburb of Houston, Texas. Preferred Bank offers a wide range of deposit and lending products and services to both commercial and retail customers. The bank provides small and medium-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals with personalized deposit services, as well as real estate financing, commercial lending and trade financing. Although Preferred Bank was originally founded as a Sino-American bank, today it generates most of the…