Business Context and Reporting Period
This Form 8-K Current Report was filed by PCB Bancorp, a California corporation and the holding company of Pacific City Bank, on October 28, 2021. The report details a corporate governance event regarding the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the expansion of the Board of Directors. On October 28, 2021, the Board appointed Ms. Janice Chung as a director, effective November 1, 2021. This appointment increases the total number of directors from eight to nine. Ms. Chung will serve until the 2022 Annual Meeting of Shareholders or until her successor is elected.
Management Commentary and Governance Details
- New Director Profile: Ms. Chung is the Chief Executive Officer of BIC Technologies Group, a firm specializing in rare metal processing technology for global companies in South Korea and China. She previously served as CEO of cyberPulse Network Group and as a partner in the International Tax Division of Coopers & Lybrand LLP (now PricewaterhouseCoopers).
- Committee Assignment: Ms. Chung will serve as a member of the Audit Committee.
- Compensation: Upon appointment, Ms. Chung is entitled to non-employee director compensation as described in the Company's 2021 proxy statement.
- Relationships: The filing states there are no family relationships between Ms. Chung and existing directors or officers, and no undisclosed arrangements regarding her appointment.
Investor Verification Checklist
- Verify the effective date of Ms. Chung's appointment (November 1, 2021) and her term length.
- Review the Company's 2021 proxy statement to confirm the specific non-employee director compensation package applicable to Ms. Chung.
- Confirm the updated composition of the Audit Committee following Ms. Chung's appointment.
- Check for any subsequent filings regarding the 2022 Annual Meeting of Shareholders to track the election status of the new director.