Preferred Bank (PFBC) Announces New $50M Share Buyback

Preferred Bank (NASDAQ: PFBC) today announced that the Board of Directors has approved the repurchase of another $50 million of the Bank’s common stock. The shares will be purchased in the open market.

Recall that at the Annual Shareholder’s Meeting on May 16, 2023, the Bank’s shareholders approved a stock repurchase plan which calls for the repurchase of up to a total of $150 million of the Bank’s common stock. On June 12, 2023, the Bank announced that the Board had approved the first $50 million in repurchases under that blanket shareholder approval and those stock repurchases were completed in October of 2023. The average price of the shares purchased was $58.59.

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