PCB Bancorp Announces Termination of Consent Order

LOS ANGELES--(BUSINESS WIRE)--PCB Bancorp (the “Company”) (NASDAQ: PCB), the holding company of Pacific City Bank (the “Bank”), announced that on September 30, 2020, the Federal Deposit Insurance Corporation and California Department of Business Oversight terminated the Consent Order issued against the Bank on April 30, 2019. The termination of the Consent Order follows the Bank’s successful resolution of the deficiencies in the Bank’s Bank Secrecy Act and Anti-Money Laundering (“BSA/AML”) compliance program that were the subject of the order.

“We are very pleased to announce the satisfactory resolution and termination of the Consent Order. Our staff worked incredibly hard to address our regulators’ concerns and to strengthen our BSA/AML compliance programs,” stated Henry Kim, President and Chief Executive Officer. “I want to convey my thanks and sincere appreciation to our entire team who worked so diligently to build an enhanced BSA/AML program for our Bank.”

About PCB Bancorp

PCB Bancorp, formerly known as Pacific City Financial Corporation, 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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