Preferred Bank Declares Dividend and Strengthens Market Position

Preferred Bank Declares Quarterly Dividend for Shareholders

Preferred Bank, recognized as one of California's largest independent commercial banks, recently announced that its Board of Directors has approved a quarterly cash dividend of $0.70 per share. This dividend is set to be distributed to shareholders on October 21, 2024, rewarding those who are on record as of October 7, 2024.

Commitment to Shareholders and Growth

Preferred Bank is dedicated to enhancing shareholder value and maintaining its robust financial performance. By declaring a cash dividend, the Bank underscores its commitment to returning profits to investors while navigating a challenging economic landscape. The announcement of the dividend is a testament to the Bank's strong capital position and its ability to generate steady earnings.

About Preferred Bank

Headquartered in Los Angeles, California, Preferred Bank has built a solid reputation in the financial industry due to its extensive range of banking solutions. Initially established as a Chinese-American bank, it serves a diverse clientele today and is chartered by the State of California with FDIC-insured deposits. The Bank offers a variety of services tailored to the needs of commercial and consumer customers, including personalized deposit services, real estate finance, and trade finance. Although its roots are in the Chinese-American community, it has successfully expanded its services beyond this demographic.

Branch Locations and Services

Preferred Bank operates numerous full-service branches in key California cities, including Alhambra, Century City, and Torrance. Its branch network also extends to New York and Texas, enhancing its presence in critical markets. The Bank is committed to providing personalized services to a wide range of customers, from small and mid-sized businesses to high-net-worth individuals, ensuring every client receives tailored support to meet their financial goals.

Financial Health and Community Engagement

The health of Preferred Bank is illustrated through its consistent performance and community engagement. With its focus on commercial loans, real estate finance, and trade finance, the Bank has positioned itself as a key player in financial support for entrepreneurs and real estate developers. It has successfully navigated challenges while expanding its client base, effectively tapping into the growing demand for its services.

Investor Relations and Financial Support

For investors looking to learn more about Preferred Bank’s performance or dividend announcements, the Bank's financial team is committed to transparency and communication. Edward J. Czajka, Executive Vice President and Chief Financial Officer, can be contacted for inquiries regarding financial health and shareholder matters at (213) 891-1188. Further information related to financial profiles can be obtained through Jeffrey Haas at (310) 622-8240.

Conclusion and Forward Outlook

As Preferred Bank continues to grow and adapt in this competitive environment, the recent dividend declaration reinforces its status as a reliable banking institution committed to its shareholders. The strategic positioning and customer-focused services are expected to lead to sustained profitability and growth, benefiting investors and clients alike. Preferred Bank remains dedicated to serving the needs of its various stakeholders, ensuring long-term success in the banking sector.

Frequently Asked Questions

What is the amount of the newly declared dividend by Preferred Bank?

The Board of Directors has declared a quarterly cash dividend of $0.70 per share.

When will the dividend be paid out?

The dividend will be payable on October 21, 2024, to shareholders on record as of October 7, 2024.

Where is Preferred Bank headquartered?

Preferred Bank is headquartered in Los Angeles, California.

What types of services does Preferred Bank offer?

Preferred Bank offers various banking services including real estate finance, commercial loans, and personalized deposit services.

How can investors reach out for more information?

Investors can contact Edward J. Czajka, the Chief Financial Officer, at (213) 891-1188 for more information regarding financial matters.

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