PCB Bancorp (NASDAQ: PCB), the holding company of PCB Bank, announced that its Board of Directors approved an amendment to the company’s stock repurchase program. Initially approved on August 2, 2023, the original program authorized the repurchase of up to 720,000 shares of the company’s outstanding common stock, representing approximately 5% of the outstanding shares, through August 2, 2024. The amendment extends the program’s expiration date to August 1, 2025.
As of July 24, 2024, the company has repurchased and retired 142,223 shares, leaving 577,777 shares authorized for repurchase under the amended program. The company may purchase shares through various methods, including open market transactions, block purchases, and privately negotiated transactions, with repurchase decisions based on factors such as stock price, trading volume, market conditions, and the company’s business conditions. The program can be suspended or discontinued at any time and does not obligate the company to acquire a specific number of shares.
PCB Bancorp plans to adopt a Rule 10b5-1 trading plan under the Securities Exchange Act of 1934, enabling stock repurchases during periods when the company might otherwise be precluded from doing so due to insider trading laws or self-imposed trading restrictions. An independent broker will administer the plan, subject to price, market volume, and timing restrictions.
About PCB Bancorp
PCB Bancorp is the bank holding company for PCB Bank, a California state-chartered bank offering commercial banking services to small to medium-sized businesses, individuals, and professionals, primarily in Southern California, with a focus on Korean-American and other minority communities.
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This press release contains forward-looking statements, including plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and beliefs regarding future events, business plans, and expected operating results. Forward-looking statements are typically identified by words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or similar phrases. These statements are based on expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Factors include, but are not limited to, economic conditions, inflation, interest rates, deposit base growth, loan demand, asset valuations, liquidity, employee retention, cybersecurity risks, technological deployment, acquisitions, litigation, regulatory changes, and external events such as weather, pandemics, and acts of war or terrorism. Detailed information on these risks is available in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other SEC filings. The company does not undertake any obligation to update forward-looking statements, except as required by law.
