LOS ANGELES, May 7, 2019 /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 $50,000,000 of the Company's
common stock. The $45,000,000 share
repurchase program announced on October 26,
2018, was completed today, with the repurchase of 1,182,060
shares at an average cost of $38.07.
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 80,352,310 shares of common stock
outstanding.
ABOUT CATHAY GENERAL
BANCORP
Cathay General Bancorp is the holding company for Cathay Bank, a
California state-chartered bank.
Founded in 1962, Cathay Bank offers a wide range of financial
services. Cathay Bank currently operates 40 branches in
California, 11 branches in
New York State, four in
Washington State, three in
Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New
Jersey, one in Hong Kong,
and a representative office in Taipei, Beijing, and Shanghai. Cathay Bank's website is found at
www.cathaybank.com. Cathay General Bancorp's website is found at
www.cathaygeneralbancorp.com. Information set forth on such
websites is not incorporated into this press release.
FORWARD-LOOKING STATEMENTS
Statements made in this press release, other than statements of
historical fact, are forward-looking statements within the meaning
of the applicable provisions of the Private Securities Litigation
Reform Act of 1995 regarding management's beliefs, projections, and
assumptions concerning future results and events. Forward-looking
statements are based on estimates, beliefs, projections, and
assumptions of management and are not guarantees of future
performance. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from our historical experience and our present
expectations or projections. Some of these risks are described in
the Cathay General Bancorp's Annual Report on Form 10-K for the
year ended December 31, 2018 (Item 1A
in particular), other reports filed with the Securities and
Exchange Commission ("SEC"), and other filings Cathay General
Bancorp makes with the SEC from time to time. Cathay General
Bancorp has no intention and undertakes no obligation to update any
forward-looking statement or to publicly announce any revision of
any forward-looking statement to reflect future developments or
events, except as required by law.
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SOURCE Cathay General Bancorp