Downtown-based Preferred Bank announced plans to repurchase up to $30 million in stock following approval from the California Department of Business Oversight.

The company, which has more than $4.3 billion in assets, had earlier received approval from shareholders and the Federal Deposit Insurance Corp., the U.S. agency that insures bank deposits for commercial banks.

The stock repurchase plan affects approximately 600,000 shares, or 4% of Preferred’s 13.19 million shares. The plan expires in January 2020.

On Friday, Preferred’s stock rose 87 cents, or 1.9%, to close at $47.87 a share. The stock is 31.3% below its one-year high of $69.48 a share set on July 5, 2018.

Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329.