Cathay General Bancorp : Adopts New Share Repurchase Program - Form 8-K
May 27, 2022 at 06:20 am EDT
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Cathay General Bancorp Adopts New Share Repurchase Program
LOS ANGELES--(BUSINESS WIRE)--May 26, 2022--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.
Contacts
Heng W. Chen
(626) 279-3652
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Cathay General Bancorp published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2022 10:19:42 UTC.
Cathay General Bancorp is the holding company of Cathay Bank, a California state-chartered commercial bank (the Bank). The Bank services individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located and provides commercial real estate loans, commercial loans, United States Small Business Administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for, household and other consumer expenditures. It offers products and services to businesses, such as checking and deposit, lines of credit, commercial and commercial real estate loans, merchant services and payment processing, treasury management services, international banking and financing services, and other customary banking services. It offers similar services that are available to consumers. It provides financial services to diverse commercial and professional businesses in its market areas.
CATHAY GENERAL BANCORP 
