Cathay General Bancorp Adopts New Share Repurchase Program
27 May 2022 - 10:00AM
Business Wire
Cathay General Bancorp (the “Company”, Nasdaq: CATY), the
holding company for Cathay Bank, announced that its Board of
Directors has adopted a new share repurchase program authorizing
the Company to repurchase up to $125,000,000 of the Company’s
common stock. The previous $125,000,000 share repurchase program
announced on September 2, 2021, was completed on February 18, 2022,
with the repurchase of 2,858,503 shares at an average cost of
$43.73.
The share repurchases may be made from time to time on the open
market or in privately negotiated transactions. The timing, price
and volume of the share repurchases will be determined by the
Company’s management based on its evaluation of market conditions,
relevant securities laws and other factors. Repurchases may also be
made under a Rule 10b5-1 plan, which if adopted would allow stock
repurchases when the Company might otherwise be precluded from
doing so under insider trading laws. The share repurchase program
may be suspended, terminated or modified at any time for any
reason, including market conditions, the cost of repurchasing
shares, the availability of alternative investment opportunities,
liquidity, and other factors deemed appropriate. These factors may
also affect the timing and amount of share repurchases. As of the
date of this release, the Company has approximately 75,150,090
shares of common stock outstanding.
ABOUT CATHAY GENERAL BANCORP
Cathay General Bancorp is the holding company for Cathay Bank, a
California state-chartered bank. Cathay General Bancorp’s website
is found at www.cathaygeneralbancorp.com. Founded in 1962, Cathay
Bank offers a wide range of financial services. Cathay Bank
currently operates 47 branches in California, 10 branches in New
York State, four in Washington State, two in Illinois, two in
Texas, one in Maryland, one in Massachusetts, one in Nevada, one in
New Jersey, one in Hong Kong, and a representative office in
Beijing, Shanghai and Taipei. Cathay Bank's website is found at
www.cathaybank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220526005789/en/
Heng W. Chen (626) 279-3652
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