Preferred Bank Secures Approval for Stock Repurchase Initiative
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Preferred Bank Moves Forward with Stock Repurchase Plan
Recently, Preferred Bank (NASDAQ: PFBC), an independent commercial bank, announced exciting news about its stock repurchase plan. With regulatory approval now in hand, the bank is set to continue its ambitious $150 million repurchase initiative. The journey began earlier, and the bank's efforts have already resulted in a significant buyback of $72.5 million worth of its common stock, primarily executed during the latter half of 2023 and into 2024.
Understanding the Significance of the Repurchase Plan
The approval to resume the stock buyback plan comes after a brief pause, as the previous regulatory approval expired in July 2024. As a state chartered, non-member bank, Preferred Bank must obtain this regulatory nod before engaging in capital transactions that may affect its financial standing. With this new approval, the bank is now positioned to repurchase the remaining $77.5 million in its stock, which will remain valid until February 2025. Investors can expect these purchases to occur in the open market.
Details of the Initial Buyback
The initial round of stock repurchases saw Preferred Bank acquiring its shares at an average price of $62.02. This buyback strategy is part of a broader approach to enhance shareholder value, reflecting the bank's strong financial position and commitment to returning capital to its investors.
About Preferred Bank
Preferred Bank stands as one of California's prominent independent commercial banks. Headquartered in Los Angeles, the bank is chartered by the State of California and has its deposits backed by the Federal Deposit Insurance Corporation (FDIC), ensuring maximum protection for its depositors. The bank operates through its main office and a network of twelve full-service branches spread across various California locations, including well-known areas like Century City and Torrance.
Diverse Banking Products and Services
Delivering a wide range of banking solutions, Preferred Bank caters to both commercial and consumer customers. Whether you need personalized deposit services or are searching for real estate finance, commercial loans, or trade finance, they have something for everyone. Their focus is particularly on serving small to mid-sized businesses, entrepreneurs, and high-net-worth individuals, showcasing their commitment to fostering economic growth.
A Bank Rooted in Community
Though originally established as a Chinese-American bank, Preferred Bank has successfully expanded its customer base, leveraging the rich cultural diversity in California. The bank continues to attract a significant clientele from various ethnic backgrounds, in particular benefiting from the influx of individuals from China and other East Asian countries.
Contact Information
Those wishing to learn more about Preferred Bank should reach out to the team directly. Edward J. Czajka, the Executive Vice President and Chief Financial Officer, can be contacted at (213) 891-1188. For general inquiries, Jeffrey Haas at Financial Profiles can be reached at (310) 622-8240 or via email at PFBC@finprofiles.com.
Frequently Asked Questions
What is the purpose of Preferred Bank's stock repurchase plan?
The stock repurchase plan aims to enhance shareholder value by buying back shares, showing the bank's confidence in its financial strength.
How much stock has Preferred Bank repurchased?
So far, the bank has repurchased $72.5 million worth of its common stock.
What approvals are required for Preferred Bank's buyback plan?
As a state-chartered bank, Preferred Bank must obtain regulatory approval before engaging in transactions that could affect its capital levels.
What types of services does Preferred Bank offer?
Preferred Bank provides a range of services, including deposit accounts, real estate finance, commercial loans, and trade finance for various customers.
Who can I contact for more information about Preferred Bank?
For inquiries about Preferred Bank, contact Edward J. Czajka at (213) 891-1188 or reach out to Jeffrey Haas at Financial Profiles at (310) 622-8240.
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