November 14, 2009 (FinancialWire) — Preferred Bank (NASDAQ: PFBC) (Current Market Cap: $32.76 Mil.) said it has received $7.05 million from another bank in the full settlement of a long outstanding lawsuit relating to a loan participation between the two banks.

After deducting the remaining carrying value of the loan and related legal expenses, Preferred will record around $5 million in recovery of loan balances that were previously charged-off.

Los Angeles-based Preferred Bank is an independent commercial bank focusing on the Chinese-American market.

The company conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices.

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