The bank said that it had originally submitted its application to receive capital under the US Treasury's capital purchase program (CPP) in late 2008.

Li Yu, chairman, president and CEO of Preferred Bank, said: "Our very successful common stock rights offering has supplied us with an additional level of capital that we feel will get us through this very difficult economic environment. Therefore, we feel that additional capital under the CPP program is not warranted given our pro forma tangible common equity ratio of 10.7% as of June 30, 2009."

A service of YellowBrix, Inc.