Preferred Bank Announces Fire Relief Donations

Rhea-AI Summary

Preferred Bank (NASDAQ: PFBC) has announced a significant donation for fire relief efforts in Los Angeles. The Board of Directors has approved a $250,000 donation to be distributed among four organizations: Tzu-Chi – USA, Pasadena Community Foundation, Alliance for a Better Community, and Los Angeles Fire Department Foundation.

The Bank will also match any employee contributions made to wildfire relief efforts on top of the initial donation. Chairman and CEO Li Yu emphasized that the recent wildfires in Southern California have significantly impacted their associates, clients, and communities.

Preferred Bank operates primarily in California with twelve full-service branch banking offices, along with branches in Flushing, New York, and Sugar Land, Texas. The bank provides commercial and consumer banking services, including deposit services, real estate finance, and commercial loans.

LOS ANGELES, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (the “Bank”) one of the larger independent California banks, today reported that the Board of Directors had approved a significant donation to benefit fire relief efforts on the Los Angeles area.

Li Yu, Chairman and CEO, commented, “The recent wildfires in Southern California have been devastating and one of the worst disasters in the history of Southern California. As a company headquartered in the heart of Los Angeles, the fires have been particularly impactful for many of our associates, clients and communities. To support recovery efforts, the Board and executive management have authorized a donation in the amount of $250,000 to be split among four organizations that provide resources and relief to those impacted.

Those Organizations are:

• Tzu-Chi – USA
• Pasadena Community Foundation
• Alliance for a Better Community
• Los Angeles Fire Department Foundation

“In addition, the Bank is also going to match any contribution any employee has already made, or will make, to the wildfire relief efforts on top of the $250,000 donation. The amount the Bank matches will be awarded to the organization the employee donated to. We are pleased to be able to make this contribution and look forward to helping the impacted communities of Southern California rebuild.”  

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 California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. 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

How much did Preferred Bank (PFBC) donate for Los Angeles fire relief efforts in 2025?

Preferred Bank donated $250,000 to be split among four organizations for fire relief efforts in Los Angeles.

Which organizations will receive PFBC's fire relief donations?

The donations will be distributed to four organizations: Tzu-Chi – USA, Pasadena Community Foundation, Alliance for a Better Community, and Los Angeles Fire Department Foundation.

What additional support is PFBC offering for employee donations to fire relief?

Preferred Bank will match any employee contributions made to wildfire relief efforts, in addition to their initial $250,000 donation.

How many branch locations does Preferred Bank (PFBC) currently operate?

Preferred Bank operates twelve full-service branches in California, one branch in Flushing, New York, one branch in Sugar Land, Texas, and a loan production office in Sunnyvale, California.