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Cathay General Bancorp reports developments for Cathay Bank, a regional bank serving individuals, professionals, and small to medium-sized businesses, including Chinese-American communities. News centers on quarterly and annual operating results, loan balances and composition, non-interest income sources, deposit and credit activity, and bank service lines such as treasury management, international banking, merchant services, and wealth management.
Corporate updates also cover common-stock dividends, share repurchase authorizations, board and executive leadership changes, and conference-call materials tied to financial results. These items reflect the capital-management, governance, and performance disclosures of a Nasdaq-listed bank holding company.
Cathay General Bancorp (Nasdaq: CATY), the holding company for Cathay Bank, has announced a new share repurchase program worth up to $125 million. The previous program, also valued at $125 million, concluded on February 21, 2023, having repurchased 2,897,628 shares at an average cost of $43.14 per share. The new repurchase initiative allows purchases on the open market or through privately negotiated transactions. Management will determine the timing, price, and volume of repurchases based on market conditions and relevant laws. As of this release, Cathay General Bancorp has approximately 72.8 million shares outstanding. The repurchase program can be modified, suspended, or terminated based on various factors, including market conditions and alternative investment opportunities.
Cathay General Bancorp (Nasdaq: CATY) has elected Ann Yee Kono and Elizabeth Woo as new members of the Board of Directors at the Company and Cathay Bank. The elections took place during the Annual Stockholder’s Meeting on May 13, 2024, and a subsequent Board meeting. Ann Yee Kono, CEO of Leda Advisory Group, has a rich background in finance with over 25 years of experience, including tenure at Ares Management Elizabeth Woo, a Lecturer of Accounting at UCLA, brings over 20 years of expertise in accounting and auditing, having held senior positions at Crowe and BDO. Executive Chairman Dunson K. Cheng expressed confidence in their strategic insights and contributions to Cathay’s growth.
Cathay General Bancorp (Nasdaq: CATY) has announced a cash dividend of $0.34 per common share.
The dividend will be payable on June 10, 2024, to stockholders who are on record as of May 30, 2024. This reflects the company's ongoing commitment to returning value to its shareholders.
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