Preferred Bank board approves repurchase of ‘another $50M’ in common stock

Preferred Bank announced that the Board of Directors has approved the repurchase of another $50M of the Bank’s common stock. The shares will be purchased in the open market. Recall that at the Annual Shareholder’s Meeting on May 16 , the Bank’s shareholders approved a stock repurchase plan which calls for the repurchase of up to a total of $150M of the Bank’s common stock. On June 12, 2023, the Bank announced that the Board had approved the first $50 million in repurchases under that blanket shareholder approval and those stock repurchases were completed in October of 2023. The average price of the shares purchased was $58.