Cathay General Bancorp Adopts New Share Repurchase Program

Rhea-AI Summary

Cathay General Bancorp (CATY) has announced a new share repurchase program, authorizing the buyback of up to $125,000,000 in common stock. This follows the completion of a prior $75,000,000 program on August 5, 2021, where 1,832,481 shares were repurchased at an average cost of $40.93. The new repurchases may occur in open markets or private transactions, with flexibility regarding timing and amounts based on market conditions. Currently, there are approximately 77,860,539 shares outstanding.

Positive

• A new share repurchase program of $125,000,000 is expected to enhance shareholder value.
• The previous buyback program successfully repurchased 1,832,481 shares, indicating strong management confidence.

Negative

• None.

LOS ANGELES, Sept. 2, 2021 /PRNewswire/ -- Cathay General Bancorp (the "Company", Nasdaq: CATY), the holding company for Cathay Bank, announced that its Board of Directors has adopted a new share repurchase program authorizing the Company to repurchase up to $125,000,000 of the Company's common stock. The $75,000,000 share repurchase program announced on April 1, 2021, was completed on August 5, 2021, with the repurchase of 1,832,481 shares at an average cost of $40.93.

The share repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing, price and volume of the share repurchases will be determined by the Company's management based on its evaluation of market conditions, relevant securities laws and other factors.  Repurchases may also be made under a Rule 10b5-1 plan, which if adopted would allow stock repurchases when the Company might otherwise be precluded from doing so under insider trading laws. The share repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. As of the date of this release, the Company has approximately 77,860,539 shares of common stock outstanding.

ABOUT CATHAY GENERAL BANCORP

Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank.  Cathay General Bancorp's website is found at www.cathaygeneralbancorp.com. Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 37 branches in California, 10 branches in New York State, four in Washington State, two in Illinois, two in Texas, one in Maryland, one in Massachusetts, one in Nevada, one in New Jersey, one in Hong Kong, and a representative office in Beijing, Shanghai and Taipei. Cathay Bank's website is found at www.cathaybank.com.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/cathay-general-bancorp-adopts-new-share-repurchase-program-301368887.html

SOURCE Cathay General Bancorp

FAQ

What is the amount of Cathay General Bancorp's new share repurchase program?

Cathay General Bancorp has authorized a new share repurchase program for up to $125,000,000.

When did Cathay General Bancorp complete its last share repurchase program?

The last share repurchase program was completed on August 5, 2021.

How many shares were repurchased in the previous buyback program?

In the previous buyback program, 1,832,481 shares were repurchased.

What factors may affect the timing and amount of share repurchases for Cathay General Bancorp?

Factors such as market conditions, liquidity, and the cost of repurchasing shares may affect timing and amounts.

How many shares of common stock are currently outstanding for Cathay General Bancorp?

As of the date of the release, there are approximately 77,860,539 shares of common stock outstanding.