Preferred Bank announces $150M share repurchase plan

Preferred Bank has received all the required approvals to begin its stock repurchase plan. At the annual shareholder’s meeting on May 16, 2023, the Bank’s shareholders approved a stock repurchase plan which calls for the repurchase of up to $150 million of common stock. Today, the Board of Directors has approved what will be the first leg of that repurchase plan, which will call for the repurchase of up to $50 million of the total $150 million repurchase. The shares will be purchased in the open market.