Preferred Bank Increases Quarterly Cash Dividend
Preferred Bank (NASDAQ: PFBC) announced a quarterly cash dividend increase to $0.38 per share, representing a 26.7% rise from the previous $0.30.
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Rhea-AI Summary
Preferred Bank (NASDAQ: PFBC) announced a quarterly cash dividend increase to $0.38 per share, representing a 26.7% rise from the previous $0.30. The dividend will be payable on April 21, 2021, to shareholders of record by April 7, 2021. Chairman and CEO Li Yu expressed satisfaction with the dividend boost, attributing it to the Bank's robust performance and positive outlook for the future, which aligns with their desired dividend payout ratio.
Positive
- Quarterly cash dividend raised to $0.38 per share, a 26.7% increase
- CEO cites strong bank performance as reason for dividend increase
- Dividend reflects confidence in future financial health
Negative
- None.
Details
News Market Reaction – PFBC
The recorded move for PFBC in the trading session of this news was +1.00%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LOS ANGELES, March 18, 2021 (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
Chairman and CEO Li Yu commented, “We are very pleased to increase the dividend and it is a direct reflection of the strong performance of the Bank through the past year as well as expectations for the future. This also serves to maintain our stated desired dividend payout ratio.”
About Preferred Bank
Preferred Bank (the “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. 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 |
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