Also, make sure every code path in your method returns a value... If the default return is false, make sure to have a RETURN FALSE right at the end.
If I was creating a PB to C# converter, I would make this method return a nullable type:
FUNCTION BOOLEAN InitializeComponent(string as_odbc)
IF as_odbc = "valueA" THEN
RETURN TRUE
END IF
IF as_odbc = "valueB" THEN
RETURN FALSE
END IF
END FUNCTION