Preferred Bank to Launch $20-Million IPO

Preferred Bank, a Los Angeles-based bank that serves the Asian-American community, is expected to file documents with the Securities and Exchange Commission today for an initial public offering worth about $20 million, sources said. Preferred Bank has $360 million in assets and specializes in loans to small and mid-sized businesses and importers and exporters. The bank is expected to use proceeds from the IPO for acquisitions and expansion efforts.