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Los Angeles-based Preferred Bank closes sale of additional $27.5M of sub notes

LosAngeles-based PreferredBank on Sept. 30 completed the sale of an additional $27.5 millionin aggregate principal amount of fixed-to-floating rate subordinated notes dueJune 15, 2026.

According toa Form 8-K, the debt securities were sold to institutional accredited investorsin a private offering. The notes were issued on the same terms andconditions as the $72.5 million of notes issued on and .

The notescarry an interest rate of 6.0%, paid semiannually, until June 15, 2021, atwhich point the rate changes to three-month LIBOR plus 467.3 basis points,adjusted quarterly.