Preferred Bank Announces Approval to Continue Share Repurchase Plan
Preferred Bank (NASDAQ: PFBC) has received regulatory approval to continue its $150 million stock Repurchase Plan. The Bank has already repurchased $72.5 million of its common stock at an average price of $62.02 since late 2023. The new approval allows for the repurchase of the remaining $77.5 million until February 2025. As a state, non-member bank issuing stock at the bank level, Preferred Bank requires regulatory approval for capital-changing transactions.
Preferred Bank is a California-based independent commercial bank with 12 full-service branches in California, one in Flushing, New York, and one in Sugar Land, Texas. The Bank offers deposit and loan products to both commercial and consumer customers, focusing on small to mid-sized businesses, entrepreneurs, real estate developers, professionals, and high net worth individuals.
Preferred Bank (NASDAQ: PFBC) ha ricevuto l'approvazione normativa per continuare il suo piano di riacquisto di azioni da 150 milioni di dollari. La Banca ha già riacquistato azioni ordinarie per un valore di 72,5 milioni di dollari a un prezzo medio di 62,02 dollari dalla fine del 2023. La nuova approvazione consente il riacquisto dei restanti 77,5 milioni di dollari fino a febbraio 2025. In quanto banca indipendente statale non membro che emette azioni a livello bancario, Preferred Bank richiede un'approvazione normativa per le transazioni che comportano modifiche di capitale.
Preferred Bank è una banca commerciale indipendente con sede in California, con 12 filiali a servizio completo in California, una a Flushing, New York, e una a Sugar Land, Texas. La Banca offre prodotti di deposito e prestito sia a clienti commerciali che a consumatori, concentrandosi su piccole e medie imprese, imprenditori, sviluppatori immobiliari, professionisti e individui con un elevato patrimonio netto.
Preferred Bank (NASDAQ: PFBC) ha recibido la aprobación regulatoria para continuar su plan de recompra de acciones de 150 millones de dólares. El Banco ya ha recomprado 72,5 millones de dólares de sus acciones ordinarias a un precio promedio de 62,02 dólares desde finales de 2023. La nueva aprobación permite la recompra de los restantes 77,5 millones de dólares hasta febrero de 2025. Como banco estatal no miembro que emite acciones a nivel bancario, Preferred Bank requiere aprobación regulatoria para transacciones que cambian el capital.
Preferred Bank es un banco comercial independiente ubicado en California, con 12 sucursales de servicio completo en California, una en Flushing, Nueva York, y una en Sugar Land, Texas. El Banco ofrece productos de depósito y préstamo tanto a clientes comerciales como a consumidores, enfocándose en pequeñas y medianas empresas, emprendedores, desarrolladores inmobiliarios, profesionales e individuos de alto patrimonio neto.
프리퍼드 은행(NASDAQ: PFBC)은 1억 5천만 달러 규모의 주식 재매입 계획을 계속할 수 있도록 규제 승인을 받았습니다. 은행은 2023년 말 이후 평균 가격 62.02 달러에 7천2백5십만 달러의 보통주를 이미 재매입했습니다. 새로운 승인은 2025년 2월까지 나머지 7천7백5십만 달러를 재매입할 수 있도록 허용합니다. 주 수준의 비회원 은행으로서 주식을 발행하는 프리퍼드 은행은 자본 변경 거래에 대해 규제 승인이 필요합니다.
프리퍼드 은행은 캘리포니아에 본사를 둔 독립 상업 은행으로, 캘리포니아에 12개의 풀 서비스 지점이 있으며, 뉴욕 플러싱과 텍사스 슈거 랜드에 각각 하나씩 있습니다. 은행은 상업 고객과 소비자 고객 모두에게 예금 및 대출 상품을 제공하며, 중소기업, 기업가, 부동산 개발자, 전문가 및 고액 자산가에게 중점을 두고 있습니다.
Preferred Bank (NASDAQ: PFBC) a reçu l'approbation réglementaire pour continuer son plan de rachat d'actions de 150 millions de dollars. La Banque a déjà racheté pour 72,5 millions de dollars de ses actions ordinaires à un prix moyen de 62,02 dollars depuis fin 2023. La nouvelle approbation permet le rachat des 77,5 millions de dollars restants jusqu'en février 2025. En tant que banque d'État non membre émettant des actions au niveau bancaire, Preferred Bank nécessite une approbation réglementaire pour toutes les transactions qui modifient le capital.
Preferred Bank est une banque commerciale indépendante basée en Californie, avec 12 agences à service complet en Californie, une à Flushing, New York, et une à Sugar Land, Texas. La Banque propose des produits de dépôt et de prêt à la fois pour les clients commerciaux et les consommateurs, en se concentrant sur les petites et moyennes entreprises, les entrepreneurs, les développeurs immobiliers, les professionnels et les personnes à fort patrimoine net.
Die Preferred Bank (NASDAQ: PFBC) hat die regulatorische Genehmigung erhalten, ihr Aktienrückkaufprogramm in Höhe von 150 Millionen US-Dollar fortzusetzen. Die Bank hat bereits Aktien im Wert von 72,5 Millionen US-Dollar zu einem durchschnittlichen Preis von 62,02 US-Dollar seit Ende 2023 zurückgekauft. Die neue Genehmigung ermöglicht den Rückkauf der verbleibenden 77,5 Millionen US-Dollar bis Februar 2025. Als staatsunabhängige Bank, die auf Bankebene Aktien ausgibt, benötigt die Preferred Bank eine regulatorische Genehmigung für kapitalverändernde Transaktionen.
Die Preferred Bank ist eine unabhängige Geschäftsbank mit Sitz in Kalifornien und hat 12 vollwertige Filialen in Kalifornien, eine in Flushing, New York, und eine in Sugar Land, Texas. Die Bank bietet Einzahlungs- und Kreditprodukte sowohl für gewerbliche Kunden als auch für Privatkunden an und konzentriert sich auf kleine und mittelständische Unternehmen, Unternehmer, Immobilienentwickler, Fachkräfte und wohlhabende Privatpersonen.
- Regulatory approval received to continue $150 million stock Repurchase Plan
- $72.5 million already repurchased at an average price of $62.02
- Approval for remaining $77.5 million repurchase until February 2025
- Broad range of deposit and loan products offered to diverse customer base
- Regulatory approval required for capital-changing transactions, potentially limiting flexibility
Insights
Preferred Bank's continuation of its $150 million stock repurchase plan signals confidence in the company's financial position and commitment to enhancing shareholder value. With
This move is typically viewed positively by investors as it can lead to increased earnings per share and potentially boost stock price. However, it's important to consider the trade-off between share repurchases and other potential uses of capital, such as investments in growth initiatives or strengthening the balance sheet.
The bank's need for regulatory approval for capital transactions underscores the stringent oversight in the banking sector, which can be reassuring for investors concerned about financial stability.
The continuation of Preferred Bank's share repurchase plan aligns with a broader trend in the banking sector, where institutions are leveraging strong capital positions to return value to shareholders. This move may be interpreted as a bullish signal, suggesting management believes the stock is undervalued.
Investors should note the timing and pace of previous repurchases, which occurred over approximately 7-8 months. The new authorization's 6-month window might indicate a more aggressive approach, potentially impacting stock liquidity and price dynamics.
Given Preferred Bank's focus on commercial banking in California and its niche in serving ethnic Chinese customers, this capital allocation decision could reflect management's view on regional economic conditions and growth prospects in their target markets.
LOS ANGELES, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), (“the Bank”), an independent commercial bank, today announced that the Bank has received regulatory approval to continue its shareholder-approved
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. This approval to repurchase the remaining
About Preferred Bank
Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)). The Bank also operates a branch in Flushing, New York and in the Houston suburb of Sugar Land, Texas as well as a Loan Production Office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.
| AT THE COMPANY: | AT FINANCIAL PROFILES: |
| Edward J. Czajka | Jeffrey Haas |
| Executive Vice President | General Information |
| Chief Financial Officer | (310) 622-8240 |
| (213) 891-1188 | PFBC@finprofiles.com |
FAQ
What is the total amount of Preferred Bank's (PFBC) stock Repurchase Plan?
How much has Preferred Bank (PFBC) already repurchased under the current plan?
When does Preferred Bank's (PFBC) new repurchase approval expire?
What was the average price of Preferred Bank's (PFBC) stock repurchases so far?
