| Business Summary | | Pacific
Mercantile
Bancorp
is
the
holding
company
for
Pacific
Mercantile
Bank
(the
Bank).
The
Bank
holds
a
California
state
banking
charter
and
operates
a
commercial
banking
business,
primarily
in
Orange
County,
California.
The
Bank
commenced
business
in
March
1999,
with
the
opening
of
its
first
commercial
banking
office,
located
in
Newport
Beach,
California.
In
April
1999,
it
launched
its
Website,
www.pmbank.com,
where
its
customers
are
able
to
conduct
many
of
their
commercial
banking
transactions.
By
December
31,
2000,
its
assets,
net
loans
and
total
deposits
had
grown
to
$163
million,
$98
million
and
$124
million,
respectively.
At
the
same
time,
the
Bank
was
serving
a
total
of
approximately
2,600
deposit
customers.
The
Bank
plans
to
expand
its
market
area
geographically
by
acquiring
other
independent
banks
in
Southern
California
and
in
major
metropolitan
areas
of
other
western
states
that
have
undergone
banking
consolidations
similar
to
the
one
that
has
occurred
in
California. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | PMBC
is
the
parent
holding
company
for
Pacific
Mercantile
Bank,
which
is
a
California
state
chartered
commercial
bank.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
47%
to
$5.8
million.
Net
interest
income
after
loan
loss
prov.
rose
70%
to
$3.7
million.
Net
income
totaled
$890
thousand
vs.
a
loss
of
$478
thousand.
Net
interest
income
reflects
increased
loans
outstanding
and
higher
net
interest
margin.
Net
income
also
reflects
increased
mortgage
banking
income. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| George Wells, 66 Chairman | -- | Raymond Dellerba, 53 Pres,
CEO, Director | $280K | Daniel Erickson, 56 Exec.
VP, CFO | 107K | John McCauley, 53 Exec.
VP, COO, Chief Credit Officer | 132K | John Cronin, 51 Exec.
VP, CTO | 114K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|