Preferred Bank Announces Dividend Increase

Rhea-AI Summary

Preferred Bank (NASDAQ: PFBC), a leading independent commercial bank in California, has announced a 7.1% increase in its quarterly cash dividend. The new dividend will be $0.75 per share, up from the previous $0.70 per share. Shareholders of record on January 9, 2025, will receive the dividend payment on January 23, 2025.

Positive

• 7.1% increase in quarterly dividend from $0.70 to $0.75 per share
• Demonstrates company's financial strength and commitment to shareholder returns

Negative

• None.

LOS ANGELES, Dec. 26, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has increased the quarterly cash dividend to $0.75 per share from the previous $0.70 per share, an increase of 7.1%. The dividend is payable on January 23, 2025 to holders of record on January 9, 2025.

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 twelve full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches) and one branch in Flushing, New York and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California and a satellite office in Manhattan, New York. 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.

AT THE COMPANY:		AT FINANCIAL PROFILES:
Edward J. Czajka		Jeffrey Haas
Executive Vice President		General Information
Chief Financial Officer		(310) 622-8240
(213) 891-1188		PFBC@finprofiles.com

FAQ

What is Preferred Bank's (PFBC) new quarterly dividend amount for 2025?

Preferred Bank's new quarterly dividend is $0.75 per share, effective January 2025.

When is the payment date for Preferred Bank's (PFBC) increased dividend?

The increased dividend will be paid on January 23, 2025.

What is the record date for Preferred Bank's (PFBC) new dividend?

The record date for the new dividend is January 9, 2025.

By what percentage did Preferred Bank (PFBC) increase its dividend?

Preferred Bank increased its quarterly dividend by 7.1%, from $0.70 to $0.75 per share.

What was Preferred Bank's (PFBC) previous quarterly dividend amount?

Preferred Bank's previous quarterly dividend was $0.70 per share.