LOS ANGELES, Oct. 03, 2017 (GLOBE NEWSWIRE) — Preferred Bank (Nasdaq:PFBC), an independent commercial bank focusing on the diversified California market, today announced the initiation of an up to $50 million common stock “at the market offering” program through the filing with the Federal Deposit Insurance Corporation (“FDIC”) of an offering circular and an offering circular supplement. Preferred Bank has received a Stock Permit from the California Department of Business Oversight (“DBO”) to raise up to $50 million in new capital through this program.The stock permit is permissive only and does not constitute a recommendation or endorsement of the securities being sold.An equity distribution agreement was executed today with the distribution agents for the $50 million “at the market offering” program. Preferred Bank intends to use the net proceeds for general corporate purposes.
Under the equity distribution agreement, Preferred Bank may, from time to time and at its discretion, offer and sell shares of its common stock having an aggregate value of up to $50 million through FBR Capital Markets & Co., Sandler O’Neill + Partners, L.P. and Raymond James & Associates, Inc., as distribution agents. Sales of common stock, if any, will be made in negotiated transactions of transactions deemed to be “at the market offerings,” as defined in Rule 415 under the Securities Act of 1933, as amended.
Preferred Bank has filed with the FDIC an offering circular and an offering circular supplement for the offering of common stock described in this news release. Before you invest, you should read the offering circular and the offering circular supplement relating to the “at the market offering” program and other documents Preferred Bank has filed with the FDIC for more complete information about Preferred Bank and the “at the market offering” program. You may obtain copies of the offering circular and offering circular supplement relating to the offering without charge by visiting the FDIC’s website at https://efr.fdic.gov/fcxweb/efr/, visiting Preferred Bank’s website at www.preferredbank.com (click on “Investor Relations” and then “Offering Documents”) or by contacting FBR Capital Markets & Co. at 1300 North 17th Street, Suite 1400, Arlington, VA 22209, (800.846.5050).The information on or that can be accessed through our website, other than the offering circular, offering circular supplement and the documents specifically incorporated by reference therein, is not part of the offering circular or the offering circular supplement.