Preferred Bank was established on December 23, 1991 as a California state chartered bank, insured by the Federal Deposit Insurance Corporation. The initial offering closed December 11, 1991 and was oversubscribed at $20,180,000. We believe that Preferred Bank's initial capitalization was the largest formation of a state chartered bank in California history.
Preferred Bank is a full service commercial bank with its headquarters located at 601 South Figueroa Street in Downtown Los Angeles. The Headquarters Office is a full service banking office occupying the 48th floor. This facility houses Preferred Bank's Executive, Finance, Operations and Credit Administration offices, as well as our Commercial, International Loan /Trade Finance and Real Estate Lending groups.
Preferred Bank specializes in several specific market niches:
- Middle Market Business consisting of manufacturing, service and distribution companies with sales of $3 million to $50 million annually and with borrowing requirements up to $120 million dollars. Preferred Bank provides a complete range of lending services to this market, including working capital loans, equipment financing and commercial real estate loans. Additionally, we provide a full range of depository products including, remote deposit capture, positive pay, and a full complement of cash management services.
- International Market Business consisting of importers and exporters requiring both borrowing and operational products. We offer a full range of financing vehicles including trade financing, acceptance financing and other specialized lending programs. We pride ourselves on the efficiency of our operational staff that provides a complete group of services such as commercial and standby letters of credit, documentary collections, international wires and foreign exchange.
- Professionals consisting of physicians, accountants, attorneys and professionals associated with the entertainment industry. We understand the unique nature of managing a professional practice and being involved in a creative industry such as the entertainment field. Our staff provides specialized personal services including remote deposit capture, several types of depository accounts and business loans and lines of credit.
- Real Estate Financing for residential, commercial, industrial and other income producing properties in Los Angeles and Orange Counties. The Bank maintains a group of specialists to provide construction and mini-perm loans.
- International Private Banking incorporates a group of highly trained professionals handling international private banking needs in the Pacific Rim area. Our multi-lingual staff is knowledgeable in the business environment and financial affairs of the Pacific Rim countries. This provides us with tremendous leverage when assisting in banking matters both locally and internationally on behalf of our Private Banking clientele.
- Consumer and Business Products include checking, savings, money market and certificate of deposit accounts at competitive rates. Coupled with our extensive offering of eServices including Online Banking and Bill Pay, Debit and Credit Cards, and eStatements, Preferred Bank has the right account for you.
- Treasury Management Services consisting of Account Reconciliation, Remote Deposit, Cash & Check Courier Service, Merchant Processing and ACH Credit Origination allows our customers to increase productivity and reduce expenses in today's competitive environment.