Preferred Bank for first-gen and Chinese American commercial households

Overview

Preferred Bank opened December 23, 1991 as a California state-chartered, FDIC-insured bank (certificate 33539) with what it calls one of the largest initial capitalizations of a new California state bank. Founder Li Yu remains chairman and chief executive; the company trades as Nasdaq: PFBC. Early years focused on Southern California Chinese American households and businesses. Investor and earnings materials now describe a diversified mainstream commercial franchise that still benefits from ethnic Chinese migration from China and other parts of East Asia. As of June 30, 2026 the bank reported about $7.7 billion in assets. The brand angle is relationship commercial banking (CRE, C&I, treasury, trade finance, SBA) with premier consumer deposits, not a national digital megabank or a single-neighborhood Chinatown shop bank.

Strengths

• Independent California commercial scale (~$7.7B) with Downtown Los Angeles headquarters depth
• Chinese American founding story plus ongoing East Asia migration and multilingual relationship banking
• SBA Preferred Lender Program status for 7(a) and 504 pathways
• International trade-finance desk and participation in the Overseas Chinese Credit Guarantee Fund

Footprint

Headquarters at 601 South Figueroa Street, Downtown Los Angeles. Full-service branches across Southern California (including Alhambra, Arcadia, Century City, City of Industry, Diamond Bar, Irvine, Pico Rivera, Tarzana, Torrance), two San Francisco offices, Manhattan and Flushing (Queens) in New York, and Sugar Land near Houston, plus a Sunnyvale loan production office. Counts change with openings. Not digital-only.

Services

• Consumer banking
• Small business
• Commercial / middle market
• SBA lending
• Mortgages
• Trade finance
• International wires
• Wealth / private banking

Personal and business deposits (checking, savings, money markets, CDs), commercial and industrial lending, commercial real estate and construction finance, home loans, treasury management, SBA lending, and trade finance (letters of credit, collections, wires, FX). CD and deposit rates are typically quoted at the branch rather than published as a permanent online table.

Best for

• China / Greater China corridor
• Immigrant-owned small business
• Cross-border and trade complexity
• Hands-on branch banking
• Upwardly mobile professionals

Best fit when you want a Chinese American–founded commercial bank that already underwrites middle-market CRE and trade files in Los Angeles County, the Bay Area, Flushing, or Sugar Land, without needing Cathay’s nine-state map or East West’s balance-sheet scale. Strong for immigrant and second-gen owners whose books look like manufacturing, import/export, professional practice, or income property. Compared with Bank of the Orient (~$1.2B, Bay Area + Xiamen branch), Preferred is the larger U.S. commercial franchise without an onshore China branch. Compared with Cathay (~$25B) and East West (~$80B+), Preferred is the mid-size independent: still relationship-heavy, less of a regional super-franchise. The bank itself says most customers now come from the diversified mainstream market; Chinese American and Greater China ties remain a durable niche, not the only book.

Less ideal for: People who only want a national digital checking app with no commercial or trade relationship, or households far from Preferred’s California / New York / Houston branch map who will never meet a banker.

Compelling offers

Checked against bank pages as of July 28, 2026. Bonuses, fee waivers, and rate specials change often. Confirm eligibility and end dates on the bank’s site before you plan around them.

• Standard Checking: free account, no minimum daily balance

  Preferred Bank’s Standard Checking is listed as a free, non-interest account with no minimum daily balance requirement, unlimited check writing with no per-check charge, Visa debit, and online/mobile banking for individuals, trusts, estates, and non-business associations.

  “Free” still allows ATM, overdraft, stop-payment, dormant-account, and check-printing fees per the personal fee schedule. Confirm the live Schedule of Fees and Charges at a branch before opening.

  Preferred Bank personal checking →

• SBA Preferred Lender (7(a) and 504)

  Preferred Bank is designated an SBA Preferred Lender Program (PLP) bank. Its SBA team markets 7(a) working-capital and acquisition loans (up to the SBA maximum) and 504 structures for owner-occupied commercial real estate with the standard lender/CDC/borrower split.

  PLP status does not guarantee approval. Size standards, use of proceeds, equity injection, and credit still control. Email SBALending@preferredbank.com or ask a commercial banker which program fits your file.

  Preferred Bank SBA Lending →

• Trade finance + Overseas Chinese Credit Guarantee Fund

  The international department offers standby, import, and export letters of credit, documentary collections, international wires, FX, and related trade credit. Preferred Bank also participates as a lender in the Overseas Chinese Credit Guarantee Fund for qualifying trade relationships.

  Trade facilities need underwriting and documents. Fund participation has its own eligibility rules. Call the Los Angeles head office international line (888) 673-1808 and compare wire all-in cost against a remittance app for family support sends.

  Preferred Bank trade finance →

Next steps

• Immigrant-Owned Small Business Financing Basics

  Ownership maps, SBA and bank eligibility, personal guarantees, and backup capital for diaspora restaurants, agencies, clinics, and digital businesses when federal rules and family co-signing overlap.

• Small Business Banking When Your Books Don't Match Mainstream Templates

  Why cash-heavy diaspora shops, informal family capital, and bilingual receipts trigger bank friction, and how community lenders, CDFIs, and clean charts of accounts reduce denials before growth stalls.

• Send Money to China From the U.S.

  How the U.S.–China remittance corridor works, formal delivery paths, licensed provider types, and planning questions before you send to mainland family.

• Family Support Budget Calculator

  Map parent support, remittances, and sibling help against housing, debt, emergency savings, and retirement so family obligations stay visible in your monthly plan.

• Remittance Quote Worksheet

  Copy two provider disclosures side by side to compare total paid, amount delivered, effective exchange rate, funding method, and delivery time.

• Household dashboard

  Track family support beside U.S. bills and savings once the account is open.

• All planners

  Send corridors and inheritance scenarios when banking is only one piece of the file.

Related bank profiles

• Cathay Bank — The oldest operating U.S. bank founded by Chinese Americans. Chinatown roots, multistate branches, and Pacific Rim offices for Greater China households and businesses.
• East West Bank — The largest Asian American–owned bank by scale, built as a U.S.–Asia bridge for Chinese American communities and cross-border commercial clients.
• Bank of the Orient — A Bay Area Chinese American community bank with a rare full-service branch in Xiamen, China. Smaller than Cathay or East West, rooted in SF Chinatown and Peninsula neighborhoods.
• CTBC Bank USA — A Taiwan-parent FDIC bank for Taiwanese and Greater China diaspora households. About $5.4B with San Gabriel Valley depth, Bay Area and Flushing branches, and fee-waived wires into the CTBC Asia network.

Related send corridors

• Send money to China from the U.S.