Item 8.01 Other Events.
On December 16, 2021, PCB Bancorp, a California corporation (the "Company"), the
holding company of Pacific City Bank (the "Bank"), issued a press release
announcing that on December 14, 2021, the U.S. Department of Treasury (the
"Treasury") informed PCB Bancorp, a California corporation (the "Company"), that
the Treasury has reviewed the Company's application to receive a capital
investment from the Treasury under the Emergency Capital Investment Program
("ECIP"), and that the Company would be eligible to receive an ECIP investment
in an amount up to $69,141,000 in the form of in non-dilutive Tier 1 senior
perpetual preferred capital. The Company has not yet determined whether it will
accept the offer to receive the ECIP investment.
If the Company moves forward with pursuing the ECIP investment from the
Treasury, the Company would be required to fulfill certain conditions
established by the Treasury and would be subject to certain restrictions
following its acceptance of the investment.
Established by the Consolidated Appropriations Act, 2021, the ECIP was created
to encourage low- and moderate-income community financial institutions and
minority depository institutions such as the Bank to augment their efforts to
support small businesses and consumers in their communities.
A copy of the press release is attached as Exhibit 99.1 to this Current Report
and is incorporated herein by reference.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. These
forward-looking statements represent plans, estimates, objectives, goals,
guidelines, expectations, intentions, projections and statements of the
Company's 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 data loss or other security breaches, including
risks related to the cybersecurity incident discussed above, our ability to
assess and remedy the cybersecurity incident, and legal, reputational and
financial risks resulting from this or other cybersecurity incidents, 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.
Item 9.01 Financial Statements and Exhibits
99.1 Press release of PCB Bancorp, issued December 16, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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