Preferred Bank commences an Equity Buyback Plan for $150 million worth of its shares, under the authorization approved on May 16, 2023.
June 12, 2023 at 08:30 am
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Preferred Bank (NasdaqGS:PFBC) commences share repurchases in June 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 16, 2023. As per the mandate, the company is authorized to repurchase up to $150 million worth of shares. The program is valid for 2 years from date of passing of shareholder's resolution.
On June 12, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to $50 million worth of its shares.
Preferred Bank is an independent commercial bank focusing primarily on the California market. The Bank provides a range of financial services. The Bank offers a 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. The Bank conducts its banking business from its main office in Los Angeles, California, and through 11 full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana, and San Francisco) and one branch in Flushing, New York. In addition, the Bank operates a loan production office in the Houston, Texas suburb of Sugar Land. Its business activities come from the mainstream markets of Southern and Northern California.
PREFERRED BANK 
