Preferred Bank has announced that it has received all the necessary approvals to commence its $150 million stock buyback plan
Preferred Bank, an independent commercial bank listed on NASDAQ under the ticker symbol PFBC, has announced that it has received all the necessary approvals to commence its stock repurchase plan. At the Bank's annual shareholder's meeting on May 16, 2023, shareholders gave their approval for the implementation of a stock repurchase plan, allowing the Bank to repurchase up to $150 million worth of its common stock. Today, the Board of Directors has taken the first step in executing this plan by approving the initial phase, which involves the repurchase of up to $50 million of the total $150 million allocation. The Bank intends to purchase these shares from the open market.
During the annual shareholder's meeting, Preferred Bank's stock repurchase plan received approval from the Bank's shareholders. This plan allows the Bank to buy back a substantial amount of its common stock, demonstrating the Board's confidence in the Bank's future prospects and its commitment to enhancing shareholder value.
The Board of Directors has now given its official approval for the initial phase of the stock repurchase plan, authorizing the repurchase of up to $50 million worth of Preferred Bank's common stock. This represents a significant step towards implementing the broader $150 million stock repurchase plan.
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