PCB Bancorp stock rises on share buyback program approval

Investing.com -- PCB Bancorp (NASDAQ: PCB) shares rose 2% in after-hours trading Monday following the company's announcement that its Board of Directors approved a share repurchase program authorizing the purchase of up to 700,000 shares of its common stock.

The repurchase program is authorized through September 22, 2027, though it may be modified, discontinued, or suspended at any time without prior notice. The program does not obligate PCB Bancorp to purchase any specific number of shares.

As part of the program, the company intends to enter into a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The 10b5-1 trading plan would permit common stock to be repurchased at times when the company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions.

PCB Bancorp is the bank holding company for PCB Bank, a California state chartered bank that offers commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California.

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