Manatt represented Preferred Bank, one of the largest independent commercial banks in California, in its $150 million underwritten subordinated debt offering.
Preferred Bank, which has historically focused on the Chinese American community in California, expects to use the net proceeds from the offering to redeem the entire amount of its $100 million 2016 fixed-to-floating rate subordinated debentures and for general corporate purposes, such as funding loans and purchasing investment securities for the bank’s portfolio.
Manatt’s team was led by corporate and finance partners Gordon Bava and Veronica Lah and included corporate and finance associate Lucille White and entertainment associate Nancy Nan. Manatt’s corporate and finance team previously represented Preferred Bank in the private placement of its 2016 subordinated debentures.