LOS ANGELES, Feb. 14 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC - News), today announced the pricing of its initial public offering of 2,120,000 shares of its common stock at $38.00 per share in a firm commitment underwritten offering. Of the 2,120,000 shares of common stock being sold, Preferred Bank is selling 800,000 shares and 1,320,000 shares are being sold by certain selling shareholders. Sandler O'Neill & Partners, L.P. is the sole book-runner and lead manager and Keefe, Bruyette & Woods, Inc. and RBC Capital Markets Corporation are co-managers. Preferred Bank and one selling shareholder have also granted the underwriters an over-allotment option to acquire an additional 318,000 shares.

The shares will be listed on the Nasdaq National Market and are expected to commence trading on February 15, 2005 under the symbol "PFBC".

Preferred Bank conducts its banking business from its main office in Los Angeles, California and through its full-service branch banking offices in Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar and Valencia.

The offer and sale of Preferred Bank's common stock has been authorized by a permit issued by the California Commissioner of Financial Institutions. This permit is permissive only and does not constitute a recommendation or endorsement of Preferred Bank's common stock. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of such state.

Copies of the offering circular relating to this offering, may be obtained from Sandler O'Neill & Partners, L.P., 919 Third Avenue, 6th Floor, New York, NY 10022, Attention: Syndicate Department.