PCB Bancorp Receives Capital Investment Under the Emergency Capital Investment Program
24 Mai 2022 - 10:05PM
Business Wire
On May 24, 2022, PCB Bancorp (NASDAQ: PCB), a California
corporation (the “Company”), the holding company of Pacific City
Bank (the “Bank”), received a capital investment of $69.1 million
from the U.S. Department of Treasury (the “Treasury”) under the
Emergency Capital Investment Program (“ECIP”). The Company issued
69,141 shares of Senior Non-Cumulative Perpetual Preferred Stock,
Series C, liquidation preference of $1,000 per share (“Series C
Preferred Stock”) for the investment under the ECIP. The Series C
Preferred Stock is treated as tier 1 capital for the regulatory
capital treatment.
The Series C Preferred Stock bears no dividend for the first 24
months following the investment date. Thereafter, the annual
dividend rate will be adjusted, not higher than 2%, based on our
extension of credit of qualified lending as defined in the terms of
the ECIP transaction documents. After the tenth anniversary of the
investment, the dividend rate will be fixed based on the average
annual amount of qualified lending in years 2 through 10 compared
to the baseline qualified lending. Dividends will be payable
quarterly in arrears on March 15, June 15, September 15, and
December 15.
The Series C Preferred Stock may be redeemed at the option of
the Company on or after the fifth anniversary of issuance (or
earlier in the event of loss of regulatory capital treatment),
subject to the approval of the appropriate federal banking
regulator and in accordance with the federal banking agencies’
regulatory capital regulations.
Established by the Consolidated Appropriations Act, 2021, the
ECIP was created to encourage low- and moderate-income community
financial institutions and minority depository institutions to
provide loans, grants, and forbearance for small businesses,
minority-owned businesses, and consumers, especially low-income and
underserved communities, including persistent poverty counties,
that may be disproportionately impacted by the economic effect of
the COVID-19 pandemic by providing direct and indirect capital
investments in low- and moderate-income community financial
institutions.
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.
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Timothy Chang Executive Vice President & Chief Financial
Officer 213-210-2000
PCB Bancorp (NASDAQ:PCB)
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