Preferred Bank (PFBC) Announces $50M Share Buyback

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Go back to Preferred Bank (PFBC) Announces $50M Share Buyback

Preferred Bank Announces Share Repurchase Plan

June 7, 2022 8:30 AM EDT

LOS ANGELES, June 07, 2022 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (the Bank), an independent commercial bank, today announced that it had received all the required approvals to continue its stock repurchase plan. In May of 2021, the Banks shareholders approved a $50 million share repurchase plan. Under that Plan, the Bank repurchased approximately $18 million worth of common stock in the open market during 2021. In May of 2022, the Board of Directors elected to re-commence the repurchase plan which began in 2021. Therefore, this repurchase plan calls for the repurchase of up to approximately $32... More