PCB Bancorp Announces Stock Repurchase Plan

Rhea-AI Summary

PCB Bancorp announced a stock repurchase program on July 28, 2022, allowing the buyback of up to 5% of its outstanding common stock by February 1, 2023, commencing from August 2, 2022. The repurchase will utilize various methods, including open market transactions and block purchases, subject to market conditions. A Rule 10b5-1 trading plan will guide the repurchase, facilitating transactions even under insider trading restrictions. This initiative demonstrates PCB Bancorp's commitment to enhancing shareholder value.

Positive

• Share buyback of up to 5% of outstanding shares enhances shareholder value.
• Implementation of a 10b5-1 trading plan allows flexibility in repurchasing shares.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank, announced that on July 28, 2022, its Board of Directors approved a repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock as of the date of the board meeting through February 1, 2023, with repurchases to commence from August 2, 2022.

Under the stock repurchase program, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company’s discretion. Factors include, but are not limited to, stock price, trading volume and general market conditions, along with the Company’s general business conditions. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific number of shares of its common stock.

As part of the stock repurchase program, the Company intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The 10b5-1 trading plan would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions.

About PCB Bancorp

PCB Bancorp 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 general economic uncertainty in the United States and abroad, the impact of inflation, changes in interest rates (including actions taken by the Federal Reserve to address inflation), deposit flows, and real estate values, and their corresponding impact on our customers, and the network and data incident discovered on August 30, 2021. 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/20220728005352/en/

Timothy Chang

Executive Vice President & Chief Financial Officer

213-210-2000

Source: PCB Bancorp

FAQ

What is the purpose of PCB Bancorp's stock repurchase program?

The purpose is to enhance shareholder value by repurchasing up to 5% of the outstanding common stock.

When does PCB Bancorp's stock buyback program start and end?

The buyback program starts on August 2, 2022, and ends on February 1, 2023.

How will PCB Bancorp conduct the stock repurchases?

PCB Bancorp may conduct repurchases through open market transactions, block purchases, or privately negotiated transactions.

What is a 10b5-1 trading plan, and how is it used by PCB Bancorp?

A 10b5-1 trading plan allows PCB Bancorp to repurchase shares during periods when it might otherwise be restricted by insider trading laws.