LOS ANGELES, May 20, 2015 (GLOBE NEWSWIRE) -- Preferred Bank (Nasdaq:PFBC), an independent commercial bank focusing on the diversified California market, today announced that Chief Credit Officer Lucilio Couto will be resigning from the Bank to pursue another opportunity. The effective date of his resignation will be June 15, 2015. The Board has already commenced an internal and external search to replace Mr. Couto.
Chairman and CEO Li Yu commented, "Louie came to us during the early stages of the financial crisis and during his tenure, he helped us tremendously in the resolution of problem assets as well as in creating a more robust credit administration function. I'm sorry to see him go but we are happy for him about his new opportunity."
About Preferred Bank
Preferred Bank is one of the larger independent commercial banks 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 Company conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Anaheim, Pico Rivera, Tarzana and San Francisco, 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.
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