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Pacific Mercantile Bancorp Announces Management Transition at Pacific Mercantile Bank
Aug 30 - Pacific Mercantile Bancorp (Nasdaq:PMBC), parent holding company of Pacific Mercantile Bank, has announced that Raymond E. Dellerba will assume a new role with the bank as its vice chairman. The move will enable him to focus, as president and CEO of the company, on the development and implementation of strategic plans to move the company and the bank forward to a successful long-term future. The board of directors of the bank has approved Dellerba's decision and formed a special committee to identify and hire a new president for the bank.
To ensure continuity of the management of its day-to-day operations during the search process, the bank will form an office of the president, which will be comprised of its senior officers and will report directly to the board of directors of the bank. The office of president will be headed by newly nominated director Howard Gould, who has performed similar roles at other Southern California banking institutions. In 2005, Gould joined Carpenter & Company after a nearly 35-year career as a senior banker, consultant and regulator, including as vice chairman and chief operating officer of one of California's largest regional banks and two appointments as California's chief banking regulator.
"After focusing much of my time on day-to-day operations of the bank since 1999, I look forward to this opportunity to devote more of my time, as president and CEO of the company, to the steps ahead that will enable us to offer more services to our banking customers, grow the value of our banking franchise and enhance long-term shareholder value," said Dellerba. "I'm proud of what our team at Pacific Mercantile has built and I am confident that, working together, we will succeed in accomplishing these objectives."
Edward J. Carpenter, chairman and CEO of Carpenter & Company, who serves as Pacific Mercantile's non-executive chairman, stated, "Ray Dellerba has made many contributions as a visionary founder of both the company and the bank and we look forward to continuing to benefit from his experience and keen knowledge of the bank and its businesses, markets and customers." Carpenter & Company, which is the company's largest shareholder, is a bank holding company, capitalized in 2008, which has expertise and a track record of success in managing financial institutions.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients through its combination of traditional banking financial centers and comprehensive, sophisticated electronic banking services.
The bank operates a total of seven financial centers in Southern California, four in Orange County and one each in Los Angeles and San Diego Counties, and another in the Inland Empire in San Bernardino County. The four Orange County financial centers are located, respectively, in the cities of Newport Beach, Costa Mesa (which is visible from the 405 and 73 Freeways), La Habra and San Juan Capistrano (which is our South County financial center that is visible from the Interstate 5 Freeway). Our Los Angeles County financial center is located in the city of Beverly Hills. Our San Diego financial center is located in La Jolla and our Inland Empire financial center is located in the city of Ontario (visible from the Interstate 10 Freeway). In addition, the Bank offers comprehensive banking services over its Internet Bank, which is accessible 24/7 worldwide at www.pmbank.com.