Cathay General Bancorp, the holding company for Cathay Bank, has announced the adoption of a new share repurchase program, authorizing the repurchase of up to $150,000,000 of the company's common stock. This new program comes after the completion of the previous $125,000,000 share repurchase program, which was announced on May 28, 2024, and concluded on February 28, 2025, with the repurchase of 2,905,487 shares at an average cost of $43.02.
As of the date of the press release, the company has approximately 70,133,321 shares of common stock outstanding. The share repurchases under the new program may be executed either on the open market or in privately negotiated transactions, with the timing, price, and volume being determined by the company's management based on market conditions, relevant securities laws, and other factors.
Cathay General Bancorp, a publicly traded company listed on Nasdaq under the ticker symbol CATY, operates over 60 branches across the U.S. in states including California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey. Additionally, it has a branch in Hong Kong and representative offices in Beijing, Shanghai, and Taipei. Today the company's shares have moved 1.33% to a price of $43.705. Check out the company's full 8-K submission here.
