DOW JONES22,115.77+478.99 2.21%
S&P 5002,606.35+64.88 2.55%
NASDAQ7,721.44+219.06 2.92%

East West Bancorp Announces $500M Stock Repurchase Program

East West Bancorp, Inc.

Benzinga · 03/04/2020 10:27

East West Bancorp, Inc. ("East West" or the "Company") (NASDAQ: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today announced that its Board of Directors (the "Board") authorized the repurchase of up to $500 million of East West's common stock, par value $0.001 per share (the "Repurchase Program"). This $500 million repurchase authorization is inclusive of the Company's $100 million stock repurchase authorization currently outstanding.

The Repurchase Program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended ("Rule 10b-18"). Purchases under the Repurchase Program will be made in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with Rule 10b-18. However, the Company has no obligation to repurchase shares and the timing, actual number, and value of shares to be repurchased is subject to management's discretion and will depend on the Company's stock price and other market conditions. The Company may, in the sole discretion of the Board, terminate the Repurchase Program at any time while it is in effect.