PacWest Bancorp's board has expanded the company's repurchase program, authorizing the buyback of up to $350 million of common stock.
The October 2016 plan was for the repurchase of up to $400 million in stock. This was tweaked in November 2017 to just $150 million. Since the most recent adjustment through Feb. 14, PacWest has repurchased 4,025,519 shares for a total of $194.1 million.
The board also extended the program's maturity to Feb. 28, 2019.
The changes took effect Feb. 15.