Item 7.01 Regulation FD Disclosure.
On October 7, 2021, Pacific City Bank, the wholly owned banking subsidiary of
PCB Bancorp (the "Company"), posted the following to its website to update the
"Recent Cybersecurity Incident Information" originally posted on September 7,
2021:
On August 30, 2021, Pacific City Bank (PCB) identified unusual activity on its
network. The bank responded promptly to disable the activity, investigate its
source and monitor PCB's network. PCB subsequently became aware of claims that
it had been the target of a ransomware attack. On September 7, 2021, PCB
determined that an external actor had accessed or acquired certain data on its
network. PCB has been working with third-party forensic investigators to
understand the nature and scope of the incident and determine what information
may have been accessed and what clients were impacted.
The investigation revealed that this incident impacted files containing certain
PCB customer information, including in some cases personal information of
customers and customers' employees such as name, address, social security
number, tax withholdings, and Form W-2 information. PCB's investigation is
continuing. PCB currently is notifying all individuals identified to date,
consistent with applicable laws whose information may have been impacted,
including bank customers and others whose information was contained in those
files. All impacted individuals will be offered free Equifax Complete Premier
credit monitoring and identity theft protection services. PCB has notified law
enforcement and appropriate authorities.
Please accept our sincere apologies and know that we deeply regret any concerns
or inconvenience that this may cause you. Thank you for your continued trust and
support.
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.

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