Preferred Bank Announces Opening of Loan Production Office in Houston, Texas
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LOS ANGELES, February 17, 2021 (GLOBE NEWSWIRE) – Preferred Bank (NASDAQ: CBFP), (“The Bank”), an independent commercial bank, today announced its intention to open a loan production office (“LPO”) in Houston, Texas. The Bank has hired the head of what is expected to be a larger team of experienced local lenders in the very near future.
Li Yu, Chairman and CEO, said, “We are delighted with this opportunity for Preferred Bank. The new team will be led by George M. Lee, who will be the CEO of Preferred Bank operations in Texas. Mr. Lee is the former CEO of several publicly traded companies, including Metro Corp from 2002 to 2014, and then the largest Asian-focused commercial bank in Texas. This LPO allows us to enter a new and growing market in a very profitable manner and we expect to have full branch operations there eventually. As with almost all of our de novo expansions, the first step was to find the right staff. This geographic expansion also allows for greater diversification of risks within the loan portfolio. “
About the preferred bank
Preferred Bank is one of the largest 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 fullest extent permitted by law. The Bank operates its banking activities from its main 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 a branch in Flushing, New York. Preferred Bank offers a wide range of deposit and loan products and services to business customers and consumers. The Bank provides personalized deposit services as well as real estate finance, business loans and trade finance to small and medium-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American bank, Preferred Bank now draws most of its customers from the diverse mainstream market, but continues to benefit from the significant migration to California of ethnic Chinese from China and others. regions of East Asia.
Forward-looking statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the future financial and operational results of the Bank, plans, objectives, expectations and the Bank’s intentions. and other statements which are not historical facts. These statements are based on the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those stated in forward-looking statements. The following factors, among others, could cause actual results to differ from those stated in forward-looking statements: changes in economic conditions; the evolution of the Californian real estate market; loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; inefficient underwriting practices; insufficient allowance for loan and rental losses to cover actual losses; the risks inherent in construction credit; unfavorable economic conditions in Asia; slowdown in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communication, information, operating and financial control systems, technology from third party service providers; the monetary policies of the US government; government regulations; environmental liability with respect to properties owned by the bank; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in forward-looking statements can be found in the Bank’s 2019 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation, which can be viewed on the Preferred Bank website. The forward-looking statements contained in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update any forward-looking statements or to update the reasons why actual results could. differ from those contained in forward-looking statements. staring statements. For more information on Preferred Bank, please visit the Bank’s website at www.preferredbank.com.
|IN THE BUSINESS:||TO FINANCIAL PROFILES:|
|Edward J. Czajka||Jeffrey Haas|
|Executive Vice President||General informations|
|Financial director||(310) 622-8240|
|(213) 891-1188||[email protected]|
Source: Preferred Bank