Preferred Bank Announces New Chief Risk Officer
Rhea-AI Summary
Preferred Bank (NASDAQ: PFBC), a major independent commercial bank in California, has appointed Nick Pi as Executive Vice President and Chief Risk Officer. Pi, who has served as the Bank's Chief Credit Officer since 2015, will maintain his oversight of the credit function while expanding his responsibilities to include supervision of the BSA and Compliance Departments. Chairman and CEO Li Yu emphasized Pi's strong leadership in Credit Administration and views this appointment as a significant step in enhancing the bank's enterprise risk oversight.
Positive
- Promotion from within indicates strong internal talent pipeline and succession planning
- Consolidation of risk-related functions under experienced leadership could improve risk management efficiency
- Expanded role leverages existing credit expertise while broadening enterprise risk oversight
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, PFBC gained 3.04%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LOS ANGELES, May 09, 2025 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has named Nick Pi to the position of Executive Vice President and Chief Risk Officer. Mr. Pi has served as the Bank’s Chief Credit Officer since 2015 and will continue to oversee the credit function. Mr. Pi will now also oversee the BSA and Compliance Departments as well.
Li Yu, Chairman and CEO of the Bank said “Nick has been a very strong leader in Credit Administration and we’re excited to have someone with his experience and knowledge taking over the role of Chief Risk Officer. We feel this is an important step in developing our enterprise risk oversight. Please join me in congratulating Nick”.
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 two branches in New York (Flushing and Manhattan) and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank 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
Who is the new Chief Risk Officer at Preferred Bank (PFBC)?
What will be Nick Pi's responsibilities as PFBC's Chief Risk Officer?
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What is Preferred Bank's (PFBC) strategy behind this appointment?
