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- Preferred Bank (NASDAQ:PFBC) said on Friday it has received regulatory approval to continue its shareholder-approved $150M stock repurchase plan.
- Thus far as part of the repurchase plan, the bank has repurchased $72.5M of its common stock over the latter half of 2023 and into 2024.
- The 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.
