Preferred Bank Closes Acquisition of United International Bank (Preferred Bank)

(Source: Preferred Bank) LOS ANGELES, Nov. 23, 2015 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ:PFBC), an independent commercial bank focusing on the diversified California market, today reported that as of the close of business Friday, November 20, 2015, it had completed the acquisition of United International Bank ('UIB'), as announced on July 20, 2015. UIB is headquartered in Flushing New York, and was founded 2006. Total value of the transaction is $22.2 million, or $1.2 million in excess of shareholder's equity, which will be paid in cash. This represents just under 1.06 times tangible book value. At the closing, UIB had approximately $187 million in total assets, $150 million in total...