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Cathay General Begins 1M Share Buyback

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-19
LOS ANGELES (AP) -- Cathay Bank's holding company, Cathay General Bancorp, on Friday introduced a program to buy back up to 1 million additional shares of stock.

The new repurchase program follows the completion of a similar plan that ended Nov. 2. Since the start of the year, Cathay has bought back 2.5 million of its shares at a cost of $82 million.

The shares bought back will be used for employee stock options and other corporate needs, the company said.

Cathay General said it had 49.8 million shares outstanding as of Oct. 31.

Cathay shares fell 8 cents in after-hours trading.

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