Preferred Bank Continues Share Buyback with Additional $50 Million Repurchase Plan

LOS ANGELES, Jan. 09, 2024 (GLOBE NEWSWIRE) -- In a move signaling confidence in its financial performance and commitment to delivering shareholder value, Preferred Bank PFBC, a prominent independent commercial bank, has publicized the authorization of a newly sanctioned share repurchase program. The institution's Board of Directors has sanctioned the buyback of an additional $50 million worth of its own common stock. This strategic decision underscores the bank's ongoing efforts to effectively manage its capital and enhance its common shareholders' equity value. The repurchase is slated to occur in the open market, reflecting a proactive approach to capital distribution.

Comprehensive Banking Services

Preferred Bank PFBC is esteemed for its comprehensive suite of commercial banking services tailored to meet the needs of small to medium-sized businesses, along with their respective owners, entrepreneurs, and investors. The institution's clientele is quite diversified, including real estate developers, professionals, and those with significant net worth. With its headquarters firmly established in Los Angeles, California, Preferred Bank is ideally positioned to provide a premium banking experience throughout the United States.

Stock Repurchase Plan Details

The official announcement from Preferred Bank has clearly indicated the willingness of the Bank's governance to utilize its accrued capital to repurchase its shares, which can have a positive effect on the market perception of the bank's overall stability and long-term growth prospects. While the details of the repurchase plan, such as the timing and exact volume of shares to be bought back, are subject to market conditions and regulatory considerations, the overall objective is transparent: to enhance shareholder value while maintaining the bank's steadfast adherence to prudent capital management practices.

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