By Stephen Nakrosis
Preferred Bank Los Angeles said its shareholders have approved a new $125 million stock repurchase plan.
The new plan will succeed a $150 million repurchase plan which was approved in 2023 and which was completed on May 8. That plan saw the bank repurchase 2.1 million shares at an average price of $70.13 per share.
The bank will still need to gain regulatory approval for the $125 million plan, due to its corporate structure of having no holding company. The bank said it expects the approvals should be obtained in relatively short order.
Preferred Bank has a market cap of $1.11 billion, 13.39 million shares outstanding and a public float of 12.29 million shares. The company's stock finished Thursday's regular session at $82.50, down less than 1% on the day.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 22, 2025 16:34 ET (20:34 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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