The Daily Journal profiled Manatt’s Gordon Bava, co-chair of the firm’s corporate and finance practice, and Renée Becker, a partner in the firm’s financial services practice, for their representation of Preferred Bank, one of the largest independent commercial banks in California, in a $62.5 million private placement.
Preferred Bank, which has historically focused on the Chinese-American community in California, offered $62.5 million worth of its fixed-to-floating rate subordinated notes to certain qualified investors in a private placement deal that was announced on June 13, 2016. The notes have a maturity date of June 15, 2026, and will have a 6 percent per year interest rate to be paid twice a year for the next five years. The proceeds will be used for general corporate purposes, capital management and to support future growth.