PCB Bancorp Announces a Five-Year Extension of Chief Executive Officer’s Employment Term

Rhea-AI Summary

PCB Bancorp has announced the extension of CEO Henry Kim's employment term from January 1, 2022, to December 31, 2026. This unanimous decision by the Board aims to provide stability and support the Company's objectives, benefiting shareholders and communities served. PCB Bancorp, the holding company for Pacific City Bank, offers a range of commercial banking services primarily in Southern California, focusing on small to medium-sized businesses and minority communities.

Positive

• Extension of CEO Henry Kim's employment enhances leadership stability until December 31, 2026.

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• None.

LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), announced that the employment term of Mr. Henry Kim, President and Chief Executive Officer of the Company and Bank, will be extended from January 1, 2022 to December 31, 2026.

“I am pleased with our Board of PCB Bancorp and Pacific City Bank unanimously voting to extend CEO Kim’s employment term for an additional five years. The extension should provide continued stability of the Company and enable it to carry out its objectives of benefiting our shareholders, the communities we serve, and our employees,” said Mr. Sang Young Lee, Chairman of the Board.

About PCB Bancorp

PCB Bancorp, formerly known as Pacific City Financial Corporation, is the bank holding company for Pacific City Bank, a California state chartered bank, offering a full suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control, including but not limited to our borrowers’ actual payment performance as loan deferrals related to the COVID-19 pandemic expire, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance, and the general economic uncertainty caused by the COVID-19 pandemic, and government and societal responses thereto. These and other important factors are detailed in various securities law filings made periodically by the Company, copies of which are available from the Company without charge. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210827005418/en/

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Source: PCB Bancorp

FAQ

What is the significance of PCB Bancorp extending Henry Kim's employment?

The extension signifies continued leadership stability, which can support the Company's strategic objectives until 2026.

How long has Henry Kim's employment term been extended?

Henry Kim's employment term has been extended for an additional five years, lasting until December 31, 2026.

What services does PCB Bancorp provide?

PCB Bancorp, through Pacific City Bank, offers a full suite of commercial banking services primarily to small and medium-sized businesses in Southern California.

What is PCB's stock symbol?

PCB Bancorp's stock symbol is PCB and it trades on NASDAQ.