Preferred Bank (PFBC) will raise its quarterly dividend by another 13.2 percent to $0.43 per share in 2021. This is the second dividend increase announced by the commercial bank in 2021 for a total hike of 43.3 percent.
Chairman and CEO Li Yu commented, “We are very pleased to increase the dividend as it is a direct reflection of the strong performance of the Bank through the pandemic year.”
The next PFBC dividend is payable on January 21, 2022 to holders of record on January 7, 2022. The new annual dividend of $1.72 per share translates into an estimated yield of 1.6% for Preferred Bank shareholders at a stock price of $70.
Preferred Bank is a commercial bank headquartered in California, conducting its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in California and one branch in Flushing, New York. In addition, the Bank operates a loan production office in the Houston suburb of Sugar Land, Texas. 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. The Bank provides deposit services, as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses and their owners, entrepreneurs, real estate developers and investors, professionals and high net worth individuals.