Preferred Bank Los Angeles, CA

This Li Yu CEO ringing the closing bell

His bank is on the problem bank list

The bank lost $58MM in the last years

Don’t worry, he gets paid $1.5MM to bankrupt this place

 

Preferred Bank Los Angeles, CA was founded in 1991.  The company is on the problem bank list as it entered into a consent agreement with the regulators.  The Texas ratio is a phenomenal 175%.

The company has assets of $1.2B with a supposed $142MM in equity.

The problem loan portfolio is incredible.  They have $140MM in non accrual loans.

Having $140MM in non accrual with $142MM in equity.

This company is bankrupt.

Why hasn’t it been shut down?

Net income was ($15MM) in FY10 and ($43MM) in FY09.

Fortunately, the executives were not effected.

Li Yu                 made    $1.5MM

Robert Kosof made  $250K

Edward Czajka made $391K

That’s good money for wiping this place out.

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