Pasadena’s East West Bancorp Announces Stock Repurchase Program

The Board of Directors of Pasadena-based East West Bancorp, Inc., the parent company of East West Bank, has authorized the repurchase of up to $500 million of East West’s common stock, per value $0.001 per share.

This $500 million repurchase authorization is inclusive of the company’s $100 million stock repurchase authorization currently outstanding, EastWest Bancorp said in a statement Tuesday.

The repurchase program is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. Purchases under the 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, the statement said.

The statement added 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,” the statement said.

East West Bancorp, Inc., a publicly owned company, has total assets of $44.2 billion and is traded on the Nasdaq Global Select Market as EWBC.

EastWest Bank, the company’s wholly-owned subsidiary, is one of the largest independent banks headquartered in California.

The bank is focused exclusively on the United States and Greater China markets and operates over 125 locations worldwide, including California, Georgia, Massachusetts, Nevada, New York, Texas and Washington.

In Greater China, East West has full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen.

To learn more about East West, visit eastwestbank.com.