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 loans and $158 million in total deposits.
Li Yu, Chairman and CEO of Preferred, said, "We are so pleased to consummate this transaction. Our two banks share a philosophy of building franchise value through high touch service and access to decision-makers. This transaction will allow us to offer UIB’s clients a greater suite of products and services and a significantly expanded legal lending limit. We look forward to continuing the strong community banking foundation that UIB has established."
