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LA-based Preferred Bank closes sale of additional $10M debt

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LA-based Preferred Bank closes sale of additional $10M debt

Los Angeles-based PreferredBank completed July 8 its sale of an additional $10 million intotal principal amount of a subordinated note due June 15, 2026, to aninstitutional accredited investor in a private placement.

The bank is using the proceeds for general corporatepurposes, capital management and to support future growth.

It issued the note on the same terms and conditions as the$62.5 million inaggregate principal amount of fixed-to-floating-rate subordinated notes dueJune 15, 2026, that it had issued June 13, 2016.

The bank will pay interest on the note at an annualized rateof 6.0% payable semiannually in arrears until June 15, 2021. The interest ratewill then be adjusted quarterly to float at a rate equal to the three-monthLIBOR rate plus 467.3 basis points until maturity.