LOS ANGELES, April 1, 2021 /PRNewswire/ -- 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 $75,000,000 of the Company's
common stock. The $50,000,000 share
repurchase program announced on May 7,
2019, was completed on December 9,
2020, with the repurchase of 1,541,912 shares at an average
cost of $32.43.
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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. The Company
currently has approximately 79,597,097 shares of common stock
outstanding on April 1, 2021.
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 38 branches in California, 10 branches in New York State, four in Washington State, three in the Chicago, 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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SOURCE Cathay General Bancorp