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OP Bancorp board authorizes new stock buyback program

OP Bancorp's board approved a new buyback program, authorizing the company to repurchase up to 475,000 of its common shares.

The company may buy back shares from time to time through open market, block trades, privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1.

OP Bancorp, the holding company of Open Bank, repurchased 395,000 shares at an average price of $9.10 per share under its first stock buyback program that concluded Aug. 23.