Preferred Bank receives regulatory approval to continue $150M stock buyback

Preferred Bank announced that the Bank has received regulatory approval to continue its shareholder-approved $150M stock Repurchase Plan. Thus far in the Plan, the Bank has repurchased $72.5M of its common stock over the latter half of 2023 and into 2024, however regulatory approval expired in July of 2024. 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 $77.5M of common stock will expire in February of 2025 and purchases will be made in the open market. The first portion of this repurchase totaled $72.5M at an average price of $62.02.