LOS ANGELES, Dec. 11, 2012 (GLOBE NEWSWIRE) -- Preferred Bank (Nasdaq:PFBC), an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today announced that it has appointed Mr. Chih-Wei Wu to the Board of Directors as an independent Director. Mr. Wu was most recently CEO of Taiwan Operations for Credit Suisse Bank, a post he held from 2008 to 2012. Prior to that, he was Executive Chairman of Standard Chartered Bank, Taiwan and earlier, he served as President and CEO of Hinschu International Bank from 1996 to 2007. Mr Wu was appointed to serve until he stands for re-election in 2014.
Li Yu, Chairman and CEO of Preferred Bank, commented, "We are very pleased to welcome Mr. Wu back to Preferred Back. Mr. Wu was a Director of Preferred Bank from 1995 to 2008 and brings with him a wealth of knowledge and experience in banking and the Asian markets. We look forward to his many contributions."
About Preferred BankPreferred 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 Bank conducts its banking business from its main office in Los Angeles, California, and through nine full-service branch banking offices in Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Anaheim and Pico Rivera, California. Preferred Bank will also be conducting business out of its San Francisco branch which is set to open in the first quarter of 2013. 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.