Item 2.02 Results of Operations and Financial Condition.
On January 23, 2020, PCB Bancorp, a California corporation (the "Company"),
issued a press release concerning its unaudited results for the fourth quarter
of 2019. A copy of the press release is attached as Exhibit 99.1 to this Current
Report and is incorporated herein by reference.
The information in this report set forth under this Item 2.02 shall not be
treated as "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall it be deemed incorporated by reference into any registration
statement or other document pursuant to the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended, except as expressly stated
by specific reference in such filing.
Item 8.01 Other Events.
On January 23, 2020, the Company also announced that on November 22, 2019, its
Board of Directors approved a new $6.5 million stock repurchase program to
commence upon the opening of the Company's trading window for the first quarter
of 2020 and continue through November 20, 2021.
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 and market'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.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
99.1 Press Release of PCB Bancorp, issued January 23, 2020




                                       2

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses