Preferred Bank in Los Angeles has recovered a large chunk of a loan it had given up on.

The $1.9 billion-asset company said a $5.6 million loan that had been put in nonaccrual status was paid off Friday. Preferred was able to record a $4.6 million recovery to its allowance for loan and lease losses as a result, according to a company press release on Monday. 

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.