This excerpt taken from the CATY 8-K filed Mar 6, 2007.
CATHAY GENERAL BANCORP AUTHORIZES NEW STOCK REPURCHASE PROGRAM
Los Angeles, Calif., March 6, 2007: Cathay General Bancorp (Cathay, NASDAQ: CATY), the holding company for Cathay Bank, announced today that it has completed its current stock repurchase program and that its Board of Directors has approved a new program to repurchase up to an aggregate of one million shares of Cathay common stock.
In March 2005, the Board of Directors of Cathay approved a stock repurchase program to buy back up to an aggregate of one million shares of Cathays common stock. Today, Cathay completed the March 2005 repurchase program under which it repurchased one million shares of Cathay common stock for $33.9 million, or an average price of $33.91 per share.
This new stock repurchase program demonstrates Cathays continuing commitment to effective capital management and stockholder value, commented Dunson K. Cheng, Chairman of the Board, President, and Chief Executive Officer of Cathay.
The repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. Shares repurchased are expected to be used for employee stock options and other purposes. Cathay had 51,779,544 million shares outstanding at February 15, 2007.