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Preferred Bank Announces Stock Buyback

Core Points - Preferred Bank has announced a new $125 million stock repurchase plan, which has been approved by shareholders [1] - The bank completed its previous $150 million stock repurchase plan, repurchasing a total of 2,146,252 shares at an average price of $70.13 per share [1] - The final tranche of the previous repurchase involved buying back 818,059 shares for $65.7 million [1] Company Overview - Preferred Bank is one of the largest independent commercial banks in California, chartered by the State of California and insured by the FDIC [3] - The bank operates from its main office in Los Angeles and has twelve full-service branches in California, as well as branches in New York and Texas [3] - Preferred Bank offers a wide range of deposit and loan products to commercial and consumer customers, focusing on small and mid-sized businesses, entrepreneurs, and high net worth individuals [3]