Preferred Bank Contributes to Fire Relief Initiatives
LOS ANGELES — Preferred Bank (NASDAQ: PFBC), known as one of the prominent independent banks in California, has taken a significant step to assist communities affected by recent wildfires in Southern California. The Board of Directors has approved a remarkable donation to support fire relief efforts.
A Significant Donation to Help Communities
Li Yu, the Chairman and CEO of Preferred Bank, expressed deep concern over the devastating impact of the wildfires, stating, “The recent wildfires in Southern California have been tragic, marking one of the worst calamities in our region’s history. As a bank rooted in Los Angeles, we feel the urgent need to support our associates, clients, and local communities who have been severely affected by these events.”
Donation Breakdown
The bank has pledged a generous donation of $250,000, which will be divided among four notable organizations that provide critical resources and relief to those impacted by the fires. These organizations include:
- Tzu-Chi – USA
- Pasadena Community Foundation
- Alliance for a Better Community
- Los Angeles Fire Department Foundation
Employee Matching Contributions
In addition to the initial donation, Preferred Bank is matching any contributions made by employees to wildfire relief efforts. This matching program will provide additional support to the specific organizations employees choose to donate to. This commitment reflects the bank’s dedication to encouraging its team members to actively participate in recovery efforts.
About Preferred Bank
Preferred Bank stands tall as one of California's leading independent commercial banks. It is chartered by the State of California, with its deposits secured by the Federal Deposit Insurance Corporation (FDIC), ensuring maximum protection under the law. Operating from its main office in Los Angeles, the bank also possesses a network of twelve full-service branches throughout California, alongside locations in Flushing, New York, and Sugar Land, Texas.
Banking Services Offered
The institution provides an array of deposit and loan products, catering to the needs of both commercial and consumer clients. Services include personalized deposit solutions, real estate finance, commercial loans, and support for trade finance aimed at small and mid-sized businesses, entrepreneurs, and high-net-worth individuals. While initially founded as a Chinese-American bank, Preferred Bank has successfully diversified its customer base, benefiting significantly from the growing Asian populations in California.
Community Engagement and Support
Preferred Bank continues to demonstrate its commitment to the communities it serves through various initiatives and programs aimed at enhancing local engagement and support. This recent donation highlights the bank's position as a proactive leader in corporate social responsibility, ensuring that the affected regions can recover and rebuild.
Contact Information
If you need further information regarding Preferred Bank or its initiatives, you can reach out to:
Edward J. Czajka
Executive Vice President
(213) 891-1188
Jeffrey Haas
Chief Financial Officer
(310) 622-8240
PFBC@finprofiles.com
Frequently Asked Questions
What type of donation is Preferred Bank making?
Preferred Bank is donating $250,000 to four organizations involved in fire relief efforts.
How will the donation be distributed?
The donation will be split among Tzu-Chi, Pasadena Community Foundation, Alliance for a Better Community, and the Los Angeles Fire Department Foundation.
Is there an employee matching program?
Yes, Preferred Bank will match any contributions made by employees to wildfire relief efforts.
What banking services does Preferred Bank provide?
The bank offers deposits, real estate finance, commercial loans, and various financial services to individual and business clients.
Where is Preferred Bank headquartered?
Preferred Bank is headquartered in Los Angeles, California, and operates several branches across the state as well as in New York and Texas.
