Preferred Bank | Stephens

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What We Do

We provide investment banking, research, sales and trading, asset and wealth management, public finance, insurance, private capital, and family office services.

About Us

We are a family-owned financial services firm that values client relationships, long-term stability, and supporting the communities where we live and work.

The Stephens Story

The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.


Our reputation as a leading independent financial services firm is built on the stability of our longstanding and highly experienced senior executives.

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We are committed to corporate philanthropy; economic and financial literacy advocacy; and diversity, equity, and inclusion initiatives.

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Preferred Bank

$150 Million 06/15/2021 Depository Complete
Public Companies
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Transaction Details

  • On June 15, 2021, Preferred Bank (NASDAQ: PFBC) (“Preferred”) completed its $150 million private placement of Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”)
  • The Notes bear a fixed rate of 3.375% per year for the first 5 years and then reset quarterly at a variable rate equal to the then current three-month term SOFR plus 278 basis points
  • Kroll Bond Rating Agency assigned a rating of BBB+ to the Notes
  • Preferred intends to use the net proceeds from the issuance of the Notes to redeem its $100 million of 6.00% fixed to float rate subordinated notes due 2026, including interest accrued on such notes, and for general corporate purposes, including funding loans and purchasing investment securities for its portfolio

About the company

Preferred commenced operations in 1991 and is one of the larger independent commercial banks headquartered in Southern California focusing on the diversified California market. As of March 31, 2021, Preferred operated ten branches in Southern California, two branches in San Francisco, and one branch in Flushing, New York.

Source: Company Filings.
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