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NASDAQ Technical Picture - Hanging Man to End Bullish Week

Mon, 19 May 2008 05:51:08 GMT

The stock indices followed[More...]

Earnings Summary for 01-24-2008

Fri, 25 Jan 2008 07:10:33 GMT

Ticker: ESIO,BPOP,LEN,LRCX,MNRO,SNV,CBON,OCFC,WBS,GY,BKUNA,FZN,HFWA,ABC,ABI,ALDN,ALK,AMGN,AMP,ARBA,AVCT,AVT,AVX,BARI,BAX,BDX,BEN,BHLB,BLL,BOFL,BRCM,CADE,CBE,CCMP,CMCO,CNXT,COL,COLB,CPS,CPWR,CRA,CSH,CVCO,CVTI,CY,CYN,DDE,DHR,DLX,DVD,ED,ELX,EMN,EPAY,ESI,ESSA[More...]

NASDAQ Technical Picture - Tipping Point or Anniversary Anxiety

Mon, 22 Oct 2007 14:15:31 GMT

Stabilizing the world's climate and preventing damage from global warming will require a "portfolio of strategies and technologies" to cut emissions, Granger Morgan told about 250 people at the International Pittsburgh Coal Conference in the Westin Convention Center, Downtown.

"Coal with carbon capture and sequestration will be an essential part of the solution," Morgan said.

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Coal Producers, Electric Utilities Seek Zero Emissions Coal-Burning Power Plant

Sat, 19 Sep 2009 07:48:00 GMT

Sep. 19--An effort by some of the world's largest coal producers and electric utilities to develop the first zero emissions coal-burning power plant is headed by a Consol Energy Inc. veteran.
Steve Winberg earlier this month was elected chairman of FutureGen Industrial Alliance Inc., a nonprofit organization founded in 2004 following then-President George W. Bush's 2003 State of the Union speech, which targeted $1 billion in funding for the FutureGen program.
"Consol was a charter member in the alliance and, since the alliance is structured as a nonprofit organization, all the revenue streams it will generate, all the revenue from its intellectual property will flow back into the program," said Winberg, a nuclear engineer by trade who's been involved with fossil fuels since 1978.

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Consol May Receive $1 Million Grant for Carbon Capture, Sequestration Research

Sat, 19 Sep 2009 07:48:00 GMT

Sep. 19--A potential solution to the dilemma of reducing greenhouse gases will debut in Western Pennsylvania next week, with the goal of attracting attention from world leaders in town for the Group of 20 economic summit.
At Consol Energy Inc.'s Research and Development center in South Park on Tuesday, a process for capturing carbon dioxide from coal-burning power plants is expected to receive $1 million from the state Department of Environmental Protection for further testing.
The process couples a pressurized fluid bed combustion boiler from PFBC Environmental Energy Technology Inc., a Monessen-based company, with a carbon capture system created by Sweden-based Sargas Inc.

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Preferred Bank Withdraws CPP Application

Tue, 01 Sep 2009 09:54:00 GMT

Preferred Bank has notified the Federal Deposit Insurance Corporation and the US Treasury that it is withdrawing its application to receive capital under the US Treasury's capital purchase program.
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.

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PFBC Executive Leaving: Doug Austen's Exit is Attributed to Philosophical Differences.

Mon, 20 Jul 2009 20:48:00 GMT

Jul. 20--A move by the Pennsylvania Fish and Boat Commission board on Tuesday to relieve executive director Doug Austen of his duties might have rocked the boat within the agency, but one commissioner assured that anglers and boaters won't notice a difference in the services the agency provides.
The PFBC board reassigned Austen from his executive director duties to focus on three areas: the National Fish Habitat Conservation Act; reauthorization of the Sportfish and Boating Restoration Act (also known as the Dingell-Johnson/Wallop-Breaux Act), which provides about 20 to 25 percent of the agency's funding; and climate change legislation.
According to commissioner Norm Gavlick of Kingston, Austen can stay with the agency until Jan. 1, 2010 or when he finds a position elsewhere, whichever comes first.

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Preferred Bank Reports Second Quarter Results

Thu, 30 Jul 2009 19:57:00 GMT

Preferred Bank , an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported results for the quarter ended June 30, 2009. Preferred Bank reported a net loss of $5.8 million or $0.59 per diluted share for the quarter compared to net income of $18,000 or $0.00 per diluted share for the second quarter of 2008 and compared to a net loss of $1.3 million or $0.13 per diluted share for the first quarter of 2009.[More...]

Preferred Bank Commences Rights Offering

Fri, 24 Jul 2009 19:56:00 GMT

Preferred Bank today announced the commencement of its previously announced common stock rights offering. As announced on June 10, 2009, the Board of Directors of Preferred Bank has authorized a rights offering of up to $10 million of Preferred Bank common stock, no par value, to its existing shareholders. Under the proposed rights offering, each shareholder of record as of the June 22, 2009 record date, will receive, at no charge, one non-transferable subscription right equal to 0.35 shares for each share of Preferred Bank common stock owned on the record date. Each right will entitle the holder to purchase 0.35 shares of Preferred Bank common stock at the offered price of $2.88 per share. The proposed rights offering will also include an over-subscription privilege which will entitle each rights holder that exercises its basic subscription privilege in full to purchase any shares not purchased by other shareholders pursuant to their basic subscription privilege at the same subscription price that applies to the basic subscription privilege. The rights offering period begins today, July 24, 2009 and expires in August 24, 2009. Any shares of common stock that remain unsubscribed at the expiration of the rights offering will be offered to the public. Preferred Bank may, in its sole discretion, increase the number of shares offered by up to an additional 10% of the offering amount. Fractional shares of Preferred Bank's common stock resulting from the exercise of the basic subscription right will be eliminated by rounding down to the nearest whole share, with the total subscription payment being adjusted accordingly. The common stock will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Shares of Preferred Bank's common stock are exempt from registration under the U.S. Securities Act of 1933 and are listed and freely tradable on the NASDAQ Global Select Market under the symbol 'PFBC.' This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction, nor shall there be any sale of the common stock referred to in this press release in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The rights offering will be made only by means of an offering circular.About Preferred BankPreferred Bank is one of the largest independent commercial banks in California focusing on the Chinese-American market. Preferred Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. Preferred Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in Alhambra, Century City, Chino Hills, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Santa Monica, Anaheim and Pico Rivera, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. Preferred Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Preferred Bank's future financial and operating results, Preferred Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Preferred Bank's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government's monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause Preferred Bank's results to differ materially from those described in the forward-looking statements can be found in Preferred Bank's 2008 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank's website. The forward-looking statements in this press release speak only as of the date of the press release, and Preferred Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit Preferred Bank's website at www.preferredbank.com. For Further Information:[More...]

Preferred Bank Announces Rights Offering

Thu, 11 Jun 2009 02:48:00 GMT

LOS ANGELES, June 10 /PRNewswire-FirstCall/ -- Preferred Bank today announced that the Board of Directors of Preferred Bank has authorized a rights offering of up to $10 million of Preferred Bank common stock, no par value, to its existing shareholders.
Under the proposed rights offering, each shareholder of record as of the June 22, 2009 record date, will receive, at no charge, one non-transferable subscription right for each share of Preferred Bank common stock owned on the record date.
Each right will entitle the holder to purchase its pro rata allocation of shares of Preferred Bank common stock.

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Preferred Bank Announces Rights Offering

Wed, 10 Jun 2009 22:46:00 GMT

LOS ANGELES, June 10 /PRNewswire-FirstCall/ -- Preferred Bank (Nasdaq: PFBC) today announced that the Board of Directors of Preferred Bank has authorized a rights offering of up to $10 million of Preferred Bank common stock, no par value, to its existing shareholders.
Under the proposed rights offering, each shareholder of record as of the June 22, 2009 record date, will receive, at no charge, one non-transferable subscription right for each share of Preferred Bank common stock owned on the record date.
Each right will entitle the holder to purchase its pro rata allocation of shares of Preferred Bank common stock.

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Preferred Bank Reports Final First Quarter Results

Wed, 20 May 2009 21:46:00 GMT

LOS ANGELES, May 20 /PRNewswire-FirstCall/ -- Preferred Bank , an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported final results for the quarter ended March 31, 2009.
On April 17, 2009 Preferred Bank released preliminary results which indicated that net income for the first quarter of 2009 was $337,000, or $0.03 per diluted share.
Of the increase in provision for credit losses, $2.7 million was related to one credit due to the receipt of information that indicated a decline in fair value that Preferred Bank received from the lead bank on May 11, 2009.

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Preferred Bank Announces Suspension of Cash Dividend

Tue, 21 Apr 2009 05:07:00 GMT

Preferred Bank (NASDAQ: PFBC), today announced that at a meeting held on April 16, 2009, the Board of Directors has elected to indefinitely suspend the Bank's cash dividend.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government's monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism.
Additional factors that could cause the Bank's results to differ materially from those described in the forward-looking statements can be found in the Bank's 2008 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank's website.

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Preferred Bank Reports Preliminary First Quarter Results

Fri, 17 Apr 2009 23:46:00 GMT

Preferred Bank (NASDAQ: PFBC), an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported preliminary results for the quarter ended March 31, 2009.
Preferred Bank reported net income of $337,000 or $0.03 per diluted share for the quarter compared to net income of $3.4 million or $0.34 per diluted share for the first quarter of 2008 and compared to a net loss of $5.0 million or $0.51 per diluted share for the fourth quarter of 2008.
Results for the quarter were negatively impacted by a provision for loan losses of $1.35 million, a provision for a decline in value of OREO of $2.3 million and a charge of $650,000 for credit-related other than temporary impairment ("OTTI") on investment securities.

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Preferred Bank Announces 2009 First Quarter Earnings Release and Conference Call

Thu, 09 Apr 2009 20:49:00 GMT

Preferred Bank (NasdaqNM: PFBC), today announced plans to release its financial results for the first quarter ended March 31, 2009 at the close of the market on Friday, April 17, 2009.
The call will be simultaneously broadcast over the Internet.
Preferred Bank's Chairman and CEO Li Yu, Chief Credit Officer Robert Kosof and Chief Financial Officer Edward J. Czajka will be present to discuss Preferred Bank's financial results, business highlights and outlook.

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Preferred Bank Revises 2008 Results

Thu, 26 Mar 2009 01:48:00 GMT

LOS ANGELES, March 25 /PRNewswire-FirstCall/ -- Preferred Bank , an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported an additional revision to results for the quarter and year ended December 31, 2008 due to the receipt of an appraisal on an impaired construction loan.
For the quarter ended December 31, 2008, Preferred Bank posted a net loss of $5.0 million or $0.51 per diluted share and for the year ended December 31, 2008, the Bank reported a net loss of $5.0 million or $0.51 per diluted share.
Preferred Bank received the appraisal report in March on a townhouse-style condominium project in downtown San Diego that is 99.5% complete.

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Preferred Bank Revises Fourth Quarter Results

Wed, 18 Mar 2009 20:10:00 GMT

Preferred Bank , an independent commercial bank focusing on the Chinese-American and diversified Southern California mainstream market, today reported revised results for the quarter and year ended December 31, 2008. Preferred Bank had previously reported a net loss of $468,000 or $0.05 per diluted share for the fourth quarter of 2008 and a net loss of $473,000 or $0.05 per diluted share for the year ended December 31, 2008. Based primarily on new information that was received subsequent to its January 27, 2009 Earnings Release, Management has increased its loan loss reserves on specific impaired credits of $3.44 million and has also recorded an additional allowance on its loans graded as 'pass' of $1.16 million as of December 31, 2008. For the quarter ended December 31, 2008, Preferred Bank posted a net loss of $3.2 million or $0.32 per diluted share and for the year ended December 31, 2008, the Bank reported a net loss of $3.2 million or $0.32 per diluted share. Although the revised appraisal information was received in February and March, Management has concluded that the value deterioration of these specific credits actually took place during 2008 and is therefore recording these additional charges as of December 31, 2008.[More...]