Preferred Bank Reports Completion of $150 Million Debt Offering LOS ANGELES, June 16, 2021 (GLOBE NEWSWIRE) -- Preferred Bank (the Bank), (Nasdaq: PFBC), one of the larger independent California banks, announced the completion of a public offering and sale of $150 million in aggregate principal amount of its 3.375% Fixed-to-Floating Rate Subordinated Notes due 2031 (the Notes). The aggregate public offering price was $150,000,000 and the aggregate underwriting discounts and commissions were $1,875,000. The Notes were sold at par, resulting in net proceeds, after discounts and estimated offering expenses, of approximately $147,650,000. The Bank has a BBB rating of its subordinated debt from the Kroll Bond Rating Agency.