Aug 22 - Preferred Bank (Nasdaq:PFBC) has announced that Chief Operating Officer Wellington Chen has been promoted to president and chief operating officer. Prior to this, Chen had served as senior executive vice president and chief operating officer since June 2011. Prior to joining Preferred Bank, Chen was executive vice president and director of corporate banking for East-West Bank in Pasadena, Calif., where he oversaw a significant portion of the loan and deposit production activities.
"Although Mr. Chen has only been with us for just over one year, he has proven to be an extremely critical part of the Preferred Bank team. He has helped to reinvigorate the Bank's production staff and has personally driven a great deal of the bank's growth in new customers over that period. We are pleased to make this appointment and look forward to more of his leadership," commented Li Yu, chairman and CEO of Preferred Bank.
About Preferred Bank
Preferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. 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 and through nine full-service branch banking offices in Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Anaheim and Pico Rivera, all in 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. Preferred Bank continues to benefit from the significant migration to Southern California of ethnic Chinese from China and other areas of East Asia. While its business is not solely dependent on the Chinese-American market, it represents an important element of the bank's operating strategy, especially for its branch network and deposit products and services. Preferred Bank believes it is well positioned to compete effectively with the smaller Chinese-American community banks, the larger commercial banks and other major banks operating in Southern California by offering a high degree of personal service and responsiveness, experienced multi-lingual staff and substantial lending limits.