Preferred Bank (PFBC) announced that the Bank has received regulatory approval to continue its shareholder-approved $150M stock Repurchase Plan. Thus far in the Plan, the Bank has repurchased $84.3M of its common stock during 2023 and 2024, however regulatory approval expired in January of 2025. As a state, non-member Bank that issues its common stock at the bank level, Preferred Bank is required to seek regulatory approval to engage in transactions that either increase or decrease capital. The shareholder and regulatory approvals to repurchase the remaining $65.7M of common stock will expire in May of 2025. During this repurchase program, the Bank has repurchased 1.3M shares at an average price of $63.94 per share. Stock repurchases under this Plan will be made in the open market.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PFBC:
- Preferred Bank price target raised to $111 from $101 at Piper Sandler
- Preferred Bank’s Earnings Call: Strong Performance Amid Challenges
- Preferred Bank price target raised to $101 from $98 at DA Davidson
- Preferred Bank’s Q4 Earnings Impacted by One-Time Expense
- Preferred Bank reports Q4 EPS $2.25, consensus $2.38