FEDERAL DEPOSIT INSURANCE CORPORATION
Washington, D.C. 20429
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 16, 2023
Preferred Bank
(Exact name of registrant as specified in its charter)
California | 33539 | 95-4340199 |
(State or other jurisdiction | (FDIC Certificate No.) | (I.R.S. Employee |
of incorporation or | Identification No.) | |
organization) | ||
601 S. Figueroa Street, 48th Floor, Los Angeles, California | 90017 | |
(Address of principal executive offices) | (Zip code) |
(213) 891-1188
(Registrant's telephone number including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.07 Submission of Matters to a Vote of Security Holders.
As of the record date for the 2023 Annual Meeting of Shareholders (the "Annual Meeting") of Preferred Bank ("the Bank") held on May 16, 2023, there were 14,432,122 shares entitled to vote on all matters presented to the Bank's shareholders at the Annual Meeting. Votes representing 82.49% of the Bank's common stock were present in person or represented by proxy at the Annual Meeting.
The following are the voting results of each matter submitted to the Bank's shareholders at the Annual Meeting. The proposals below are described in detail in the Proxy Statement filed in connection with the Annual Meeting. At the Annual Meeting, all eight director were elected to serve as the Bank's Board of Directors until the 2024 annual meeting of shareholders and the Bank's shareholders voted (i) to approve the Bank's executive compensation as set forth in the Proxy Statement (ii) for one year frequency on Pay (iii) to approve the general authority of the Board of Directors to authorize and implement share repurchase programs, and (iv) to ratify the appointment of Crowe LLP as the Bank's registered independent public accounting firm for 2023.
1. Election of the following eight nominees to the Bank's Board of Directors to serve until the annual meeting of shareholders in 2024:
For | Withheld | Non Votes | |
Li Yu | 10,828,360 | 347,958 | 728,775 |
Clark Hsu | 8,550,491 | 2,625,827 | 728,775 |
Chih-Wei Wu | 9,913,822 | 1,262,496 | 728,775 |
Gary S. Nunnelly | 7,896,228 | 3,280,090 | 728,775 |
J. Richard Belliston | 10,178,766 | 997,552 | 728,775 |
Kathleen Shane | 11,053,972 | 122,346 | 728,775 |
Wayne Wu | 11,082,484 | 93,834 | 728,775 |
William C. Y. Cheng | 10,221,083 | 955,235 | 728,775 |
2. Advisory vote on the Bank's executive compensation:
For | Against | Abstain | Non Votes | |||||||
11,086,659 | 82,485 | 7,175 | 728,775 | |||||||
3. Advisory vote on Pay: | ||||||||||
1 Year | 2 Years | 3 Years | Abstain | Non Votes | ||||||
8,804,628 | 2,126 | 2,354,952 | 14,612 | 728,775 |
4. Authorization of share repurchase authority:
For | Against | Abstain | Non Votes |
11,167,250 | 1,716 | 7,353 | 728,775 |
5. Ratification of appointment of Crowe LLP as independent registered public accountants for the fiscal year ending December 31, 2023:
For | Against | Abstain | Non Votes |
11,883,183 | 9,856 | 12,054 | - |
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About Preferred Bank
Preferred Bank (the "Bank") is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) and one branch in Flushing, New York. In addition, the Bank operates a loan production office in the Houston suburb of Sugar Land, Texas. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Preferred Bank
Dated: May 17, 2023 | By: /s/ Edward J. Czajka |
Edward J. Czajka | |
Executive Vice President | |
Chief Financial Officer |
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Preferred Bank published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2023 17:40:08 UTC.