Preferred Bank Pledges $250,000 for Southern California Fire Relief

In response to devastating wildfires affecting Southern California, the Board of Directors of Preferred Bank announced Friday that it would donate $250,000 to four organizations supporting local relief efforts.

The independent California-based bank will distribute funds among Tzu-Chi USA, Pasadena Community Foundation, Alliance for a Better Community, and Los Angeles Fire Department Foundation.

“The recent wildfires in Southern California have been devastating and one of the worst disasters in the history of Southern California,” said Li Yu, Chairman and CEO of Preferred Bank. “As a company headquartered in the heart of Los Angeles, the fires have been particularly impactful for many of our associates, clients and communities.”

The bank announced it would match employee contributions to their chosen wildfire relief organizations, beyond the initial quarter-million-dollar commitment.

“The amount the Bank matches will be awarded to the organization the employee donated to,” Yu said. “We are pleased to be able to make this contribution and look forward to helping the impacted communities of Southern California rebuild.”

One of the larger independent commercial banks in California, Preferred Bank maintains branches in Alhambra, Century City, City of Industry, Torrance, Arcadia, two in Irvine, Diamond Bar, Pico Rivera, Tarzana, and two in San Francisco.

The state-chartered institution, whose deposits are insured by the Federal Deposit Insurance Corporation to the maximum extent permitted by law, operates additional locations in Flushing, New York, Sugar Land, Texas, and a loan production office in Sunnyvale, California.

The bank, which trades on National Association of Securities Dealers Automated Quotations under PFBC, provides deposit services, real estate finance, commercial loans, and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, and high-net-worth individuals.

Though founded as a Chinese-American bank, Preferred Bank now serves a mainstream customer base while continuing to benefit from Chinese migration to California from China and East Asia.