---
schema_version: "secwatch.filing_event.v1"
accession: "0001423869-25-000036"
form_type: "8-K"
ticker: "PCB"
cik: "0001423869"
company_name: "PCB BANCORP"
filed_at: "2025-07-24T23:59:59+00:00"
generated_at: "2026-05-18T02:10:44.035539+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# PCB Bancorp says Q1 2025 financials unreliable; restatement reduces assets by $35.8M

## Summary
- Accounting error in fair value of preferred stock purchase option; original $35.8M asset deemed immaterial.
- Restatement reduces total assets and shareholders' equity by $35.8M; no impact on net income or EPS.
- Material weakness in internal control over financial reporting identified; remediation plan to be disclosed in Q2 10-Q.
- Company will amend Q1 2025 Form 10-Q to reflect restated financials.

## SEC filing metadata
- accession: 0001423869-25-000036
- form_type: 8-K
- ticker: PCB
- cik: 0001423869
- company_name: PCB BANCORP
- filed_at: 2025-07-24T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1423869/000142386925000036/0001423869-25-000036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1423869/000142386925000036/pcb-20250722.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001423869-25-000036
- JSON: https://secwatch.observer/filing/0001423869-25-000036.json
- Plain text: https://secwatch.observer/filing/0001423869-25-000036.txt

## Key facts
- Auditor Changes
  PCB BANCORP reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Crowe LLP
  source text: On July 22, 2025, the management of PCB Bancorp (the “Company”), after discussions with and among the Audit Committee of the Board of Directors and the Company’s independent registered public accounting firm, Crowe LLP, concluded that the Company’s unaudited consolidated financial statements as of and for the interim period ended March 31, 2025 (the “Affected Interim Financial Statements”) should no longer be relied upon because of an error identified in such financial statements
  evidence_url: https://www.sec.gov/Archives/edgar/data/1423869/000142386925000036/0001423869-25-000036-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.