Preferred Bank announces new $125M stock repurchase plan

Preferred Bank (PFBC) reported that the shareholders have approved a new $125M stock repurchase plan. Also, on May 8, the bank completed its prior stock repurchase plan. This was the final portion of the bank’s $150M repurchase authorized by shareholders in 2023. The final tranche of repurchase activity saw the Bank repurchase 818,059 shares for total consideration of $65.7M over the first and second quarters of 2025. For the entire $150M repurchase, the bank repurchased 2,146,252 shares at an average price of $70.13 per share. For the new $125M repurchase, the bank will be required to gain regulatory approval due to the bank’s corporate structure of having no holding company. It is expected that these approvals should be obtained in relatively short order.