Cathay General Bancorp authorizes $125M share repurchase program

Cathay General Bancorp (Nasdaq: CATY) has announced the adoption of a new share repurchase program that authorizes the company to buy back up to $125,000,000 of its common stock. The previous $125,000,000 share repurchase program, which was announced on May 26, 2022, was completed on February 21, 2023, with the repurchase of 2,897,628 shares at an average cost of $43.14.

As of the date of the release, the company has approximately 72,813,413 shares of common stock outstanding.

Cathay General Bancorp is the holding company for Cathay Bank, a state-chartered bank. Established in 1962, Cathay Bank offers a wide range of financial services and currently operates over 60 branches across the United States in California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey. Additionally, it has a branch outlet in Hong Kong and representative offices in Beijing, Shanghai, and Taipei. Today the company's shares have moved -1.2% to a price of $35.44. For more information, read the company's full 8-K submission here.

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