LOS ANGELES, Oct. 26, 2018 /PRNewswire/ -- Cathay General
Bancorp (the "Company", NASDAQ: CATY), the holding company for
Cathay Bank, announced that its Board of Directors has adopted an
additional share repurchase program authorizing the Company to
repurchase up to $45,000,000 of the
Company's common stock. The $45,000,000 repurchase program announced on
February 1, 2016, was completed on
October 24, 2018, with the repurchase
of 1,580,904 shares at an average cost of $28.50.
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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 based on market
conditions, relevant securities laws and other factors. Each
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 81,195,721
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, three in
Illinois, Chicago area, four in Washington State, 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 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, 2017 (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