Preferred Bank hikes dividend by 7.1%
Preferred Bank (PFBC), a major independent commercial bank in California, has announced a 7.1% increase in its quarterly dividend, raising it to $0.75 per share from the previous $0.70 per share. This new dividend reflects a yield of 3.45% based on the current stock price of $86.94.
The dividend is scheduled to be paid on January 23, 2025, to shareholders of record as of January 9, 2025.
This marks the fourth consecutive year of dividend increases for Preferred Bank. In comparison, the bank implemented a larger dividend hike of 27.3% in the prior year.
Headquartered in Los Angeles, California, Preferred Bank is one of the largest independent commercial banks in the state. The bank operates through 12 full-service branches across California, along with additional locations in New York and Texas. Preferred Bank offers a wide range of financial products and services, including real estate finance, commercial loans, and trade finance, catering to small and mid-sized businesses, entrepreneurs, and high-net-worth individuals.
Founded originally as a Chinese-American bank, Preferred Bank continues to serve a diverse customer base, with significant contributions from the growing Chinese and East Asian communities in California. The bank’s deposits are insured by the Federal Deposit Insurance Corporation (FDIC), providing additional security for its customers.
