Preferred Bank Completes Stock Repurchase
04 Agosto 2022 - 3:01PM
Preferred Bank (NASDAQ: PFBC), one of the larger
independent California banks, today announced the completion of its
$32 million stock repurchase program. The Bank purchased 464,438
shares for total consideration of $31,999,779.
Chairman and CEO Li Yu remarked, “With our
significant earnings power and strong capital levels, the Bank may
commence additional stock repurchases in the future, provided we
receive shareholder and regulatory approval. We would be more
enthusiastic about repurchasing our stock as a way to manage
capital levels if the stock valuation were primarily based on a
multiple of earnings, as it should be. However, this market,
wrongly we believe, tends to value banks more on a multiple of
tangible book value, as opposed to earnings. Thus, repurchasing
stock is not as appealing as a way to manage capital because it
reduces tangible book value.”
About Preferred Bank
Preferred 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. In addition, the Bank operates a Loan
Production Office in the Houston, Texas suburb of Sugar Land.
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.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about the Bank’s future financial and operating
results, the Bank's plans, objectives, expectations and intentions
and other statements that are not historical facts. Such statements
are based upon the current beliefs and expectations of the Bank’s
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: changes in economic conditions; changes
in the California real estate market; the loss of senior management
and other employees; natural disasters or recurring energy
shortage; changes in interest rates; competition from other
financial services companies; ineffective underwriting practices;
inadequate allowance for loan and lease losses to cover actual
losses; risks inherent in construction lending; adverse economic
conditions in Asia; downturn in international trade; inability to
attract deposits; inability to raise additional capital when needed
or on favorable terms; inability to manage growth; inadequate
communications, information, operating and financial control
systems, technology from fourth party service providers; the U.S.
government’s monetary policies; government regulation;
environmental liability with respect to properties to which the
bank takes title; and the threat of terrorism. Additional factors
that could cause the Bank's results to differ materially from those
described in the forward-looking statements can be found in the
Bank’s 2021 Annual Report on Form 10-K filed with the Federal
Deposit Insurance Corporation which can be found on Preferred
Bank’s website. The forward-looking statements in this press
release speak only as of the date of the press release, and the
Bank assumes no obligation to update the forward-looking statements
or to update the reasons why actual results could differ from those
contained in the forward-looking statements. For additional
information about Preferred Bank, please visit the Bank’s website
at www.preferredbank.com.
AT THE
COMPANY: |
AT
FINANCIAL PROFILES: |
Edward J. CzajkaExecutive Vice PresidentChief Financial
Officer(213) 891-1188 |
Jeffrey HaasGeneral Information(310)
622-8240PFBC@finprofiles.com |
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