Item 8.01 - Other Events.
On May 26, 2022, Cathay General Bancorp (the "Company") issued a press release
announcing that the Company's 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 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 the press release, the Company has approximately
75,150,090 shares of common stock outstanding.
The information in this Form 8-K and the exhibit attached to this Form 8-K
contains certain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are based on current
expectations and are subject to a number of factors that could cause actual
events to differ materially from those anticipated, including without limitation
fluctuations in the market price of the common stock, regulatory, legal and
contractual requirements, other uses of capital, the Company's financial
performance, market conditions generally or modification, extension or
termination of the share repurchase authorization by the board of directors.
Forward-looking statements are based on beliefs and assumptions using
information available at the time the statements are made. The Company cautions
you not to unduly rely on forward-looking statements because the assumptions,
beliefs, expectations and projections about future events may, and often do,
differ materially from actual results. You should consider the above
uncertainties as well as the precautionary statements included in the Company's
filings with the SEC, including without limitation the "risk factors" section of
its Form 10-K. Any forward-looking statement speaks only as to the date on which
it is made, and the Company undertake no obligation to update any
forward-looking statement to reflect developments occurring after the statement
is made.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Exhibit
99.1 Press Release, dated May 26, 2022
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