PCB Bancorp receives $69.1M ECIP investment from Treasury, issues Series C Preferred Stock

PCB BANCORP

Received $69.1M from U.S. Treasury under ECIP; issued 69,141 shares of Series C Preferred Stock at $1,000 liquidation preference.
Preferred stock qualifies as Tier 1 capital; no dividend for first 24 months, then up to 2% based on qualified lending.
Dividends payable quarterly after 24-month period; redeemable after 5 years with regulatory approval.
Restrictions on dividends and repurchases of common stock if preferred dividends not paid in full.

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