East West Bancorp Announces Additional $50 Million Common Stock Repurchase Program
March 21 2007 - 6:00PM
PR Newswire (US)
PASADENA, Calif., March 21 /PRNewswire-FirstCall/ -- East West
Bancorp, Inc. (NASDAQ:EWBC), parent company of East West Bank, one
of the nation's premier community banks, today announced that its
board of directors authorized an increase in the stock repurchase
program to buy back an additional $50.0 million of the Company's
common stock in 2007. This new authorization is in addition to the
$30.0 million stock repurchase authorized and completed during the
first quarter of 2007. "We are pleased to announce that the Board
of Directors authorized a $50.0 million increase in the stock
repurchase program," stated Dominic Ng, Chairman, President and
Chief Executive Officer of East West. "We are focused on providing
long-term shareholder value. Our strong financial condition and
healthy growth allow us to continue our strategy of returning
capital to shareholders," concluded Ng. About East West East West
Bancorp is a publicly owned company, with $10.8 billion in assets,
whose stock is traded on the Nasdaq Global Select Market under the
symbol "EWBC". The company's wholly owned subsidiary, East West
Bank, is the second largest independent commercial bank
headquartered in Los Angeles with 61 branch locations. East West
Bank serves the community with 59 branch locations across Southern
and Northern California and a branch location in Houston, Texas.
East West Bank has two international locations in Greater China,
including a full-service branch in Hong Kong and a Beijing
Representative Office in China. For more information on East West
Bancorp, visit the company's website at
http://www.eastwestbank.com/. Forward-Looking Statements This
release may contain forward-looking statements, which are included
in accordance with the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and accordingly, the
cautionary statements contained in East West Bancorp's Annual
Report on Form 10-K for the year ended Dec. 31, 2006 (See Item I --
Business, and Item 7 -- Management's Discussion and Analysis of
Consolidated Financial Condition and Results of Operations), and
other filings with the Securities and Exchange Commission are
incorporated herein by reference. These factors include, but are
not limited to: the effect of interest rate and currency exchange
fluctuations; competition in the financial services market for both
deposits and loans; EWBC's ability to efficiently incorporate
acquisitions into its operations; the ability of EWBC and its
subsidiaries to increase its customer base; the effect of
regulatory and legislative action, including California tax
legislation and an announcement by the state's Franchise Tax Board
regarding the taxation of Registered Investment Companies; and
regional and general economic conditions. Actual results and
performance in future periods may be materially different from any
future results or performance suggested by the forward-looking
statements in this release. Such forward-looking statements speak
only as of the date of this release. East West expressly disclaims
any obligation to update or revise any forward-looking statements
found herein to reflect any changes in the Bank's expectations of
results or any change in event. FOR FURTHER INFORMATION AT THE
COMPANY: Julia Gouw Chief Financial Officer (626) 768-6898
DATASOURCE: East West Bancorp, Inc. CONTACT: Julia Gouw, Chief
Financial Officer of East West Bancorp, Inc., +1-626-768-6898 Web
site: http://www.eastwestbank.com/
Copyright
East West Bancorp (NASDAQ:EWBC)
Historical Stock Chart
From May 2024 to Jun 2024
East West Bancorp (NASDAQ:EWBC)
Historical Stock Chart
From Jun 2023 to Jun 2024