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 through May 2025. The bank has already repurchased $84.3 million of common stock during 2023-2024, acquiring 1.3 million shares at an average price of $63.94 per share. The remaining $65.7 million in repurchases will be executed through open market transactions.
As a state, non-member bank issuing stock at the bank level, PFBC requires regulatory approval for capital-affecting transactions. The bank operates primarily in California through twelve full-service branches, with additional locations in New York, Texas, and a loan production office in Sunnyvale, California.
Preferred Bank (NASDAQ: PFBC) ha ricevuto l'approvazione normativa per continuare il suo piano di riacquisto di azioni da 150 milioni di dollari fino a maggio 2025. La banca ha già riacquistato 84,3 milioni di dollari di azioni ordinarie durante il 2023-2024, acquisendo 1,3 milioni di azioni a un prezzo medio di 63,94 dollari per azione. I restanti 65,7 milioni di dollari in riacquisti saranno eseguiti attraverso transazioni sul mercato aperto.
Essendo una banca statale non membro che emette azioni a livello bancario, PFBC richiede l'approvazione normativa per le transazioni che influiscono sul capitale. La banca opera principalmente in California attraverso dodici filiali a servizio completo, con ulteriori sedi a New York, Texas e un ufficio di produzione prestiti a Sunnyvale, California.
Preferred Bank (NASDAQ: PFBC) ha recibido la aprobación regulatoria para continuar su plan de recompra de acciones de 150 millones de dólares hasta mayo de 2025. El banco ya ha recomprado 84,3 millones de dólares en acciones ordinarias durante 2023-2024, adquiriendo 1,3 millones de acciones a un precio promedio de 63,94 dólares por acción. Los restantes 65,7 millones de dólares en recompras se ejecutarán a través de transacciones en el mercado abierto.
Como un banco estatal no miembro que emite acciones a nivel bancario, PFBC requiere aprobación regulatoria para transacciones que afecten al capital. El banco opera principalmente en California a través de doce sucursales de servicio completo, con ubicaciones adicionales en Nueva York, Texas y una oficina de producción de préstamos en Sunnyvale, California.
Preferred Bank (NASDAQ: PFBC)는 2025년 5월까지 1억 5천만 달러 규모의 자사주 매입 계획을 계속할 수 있도록 규제 승인을 받았습니다. 이 은행은 2023-2024년 동안 8천430만 달러의 보통주를 이미 매입했으며, 평균 주가는 주당 63.94달러입니다. 남은 6천570만 달러의 매입은 공개 시장 거래를 통해 실행될 예정입니다.
PFBC는 주 수준의 비회원 은행으로서 자본에 영향을 미치는 거래에 대해 규제 승인이 필요합니다. 이 은행은 주로 캘리포니아에서 12개의 종합 서비스 지점을 통해 운영되며, 뉴욕, 텍사스 및 캘리포니아 써니베일에 대출 생산 사무소가 추가로 있습니다.
Preferred Bank (NASDAQ: PFBC) a reçu l'approbation réglementaire pour continuer son plan de rachat d'actions de 150 millions de dollars jusqu'en mai 2025. La banque a déjà racheté 84,3 millions de dollars d'actions ordinaires durant 2023-2024, acquérant 1,3 million d'actions à un prix moyen de 63,94 dollars par action. Les 65,7 millions de dollars restants en rachats seront exécutés par le biais de transactions sur le marché ouvert.
En tant que banque d'État non membre émettant des actions au niveau de la banque, PFBC nécessite une approbation réglementaire pour les transactions affectant le capital. La banque opère principalement en Californie à travers douze agences à service complet, avec des emplacements supplémentaires à New York, au Texas et un bureau de production de prêts à Sunnyvale, Californie.
Preferred Bank (NASDAQ: PFBC) hat die regulatorische Genehmigung erhalten, seinen Aktienrückkaufplan über 150 Millionen US-Dollar bis Mai 2025 fortzusetzen. Die Bank hat bereits 84,3 Millionen US-Dollar an Stammaktien im Jahr 2023-2024 zurückgekauft und dabei 1,3 Millionen Aktien zu einem Durchschnittspreis von 63,94 US-Dollar pro Aktie erworben. Die verbleibenden 65,7 Millionen US-Dollar an Rückkäufen werden durch Transaktionen am offenen Markt durchgeführt.
Als staatliche, nicht Mitgliedsbank, die Aktien auf Bankebene emittiert, benötigt PFBC eine regulatorische Genehmigung für kapitalbeeinflussende Transaktionen. Die Bank ist hauptsächlich in Kalifornien mit zwölf Vollservice-Filialen tätig und hat weitere Standorte in New York, Texas sowie ein Kreditproduktionsbüro in Sunnyvale, Kalifornien.
- Significant buyback program of $150 million demonstrates strong capital position
- Already executed $84.3 million in repurchases, showing commitment to shareholder returns
- Average purchase price of $63.94 per share indicates disciplined capital deployment
- Regulatory approval requirement adds complexity to capital management
- timeframe to execute remaining $65.7 million buyback (expires May 2025)
Insights
Preferred Bank's regulatory approval to continue its $150 million share repurchase plan represents a significant capital return initiative that could positively impact shareholder value. The bank has already deployed
This continuation is particularly noteworthy given the bank's structure as a state, non-member bank that issues common stock at the bank level rather than through a holding company, requiring explicit regulatory approval for capital actions. The additional
The bank's ability to secure regulatory approval signals regulatory comfort with its capital position and overall financial health. With shares currently trading at
LOS ANGELES, March 18, 2025 (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
During this repurchase program, the Bank has repurchased 1.3 million shares at an average price of
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:
Edward J. Czajka
Executive Vice President
Chief Financial Officer
(213) 891-1188
AT FINANCIAL PROFILES:
Jeffrey Haas
General Information
(310) 622-8240
PFBC@finprofiles.com
FAQ
How much remains in Preferred Bank's (PFBC) stock repurchase plan as of March 2025?
What is the average price per share PFBC paid in its current buyback program?
When does Preferred Bank's (PFBC) current stock repurchase authorization expire?
How much has PFBC spent on share repurchases in 2023-2024?
