Preferred Bank (PFBC) announces approval for stock buyback program

Preferred Bank (NASDAQ: PFBC), an independent commercial bank, today announced that the Bank has received regulatory approval to continue its shareholder-approved $150 million stock Repurchase Plan. Thus far in the Plan, the Bank has repurchased $84.3 million of its common stock during 2023 and 2024, however regulatory approval expired in January of 2025. As a state, non-member Bank that issues its common stock at the bank level (no holding company), Preferred Bank is required to seek regulatory approval to engage in transactions that either increase or decrease capital. The shareholder and regulatory approvals to repurchase the remaining $65.7 million of common stock will expire in May of 2025.

During this repurchase program, the Bank has repurchased 1.3 million shares at an average price of $63.94 per share. Stock repurchases under this Plan will be made in the open market.

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