Pacific Mercantile Bancorp (Nasdaq: PMBC, the “Company”), the
holding company of Pacific Mercantile Bank (the “Bank”), a wholly
owned banking subsidiary, today announced the appointment of Paul
W. Taylor to the board of directors of both Pacific Mercantile
Bancorp and Pacific Mercantile Bank.
Mr. Taylor has more than 33 years of experience
in the banking industry and was most recently the CEO of Guaranty
Bank and Trust Company in Denver, Colorado, which was acquired by
Independent Bank Group, Inc. in January of this year.
“We are very pleased to add Paul to our Board of
Directors,” said Edward Carpenter, Chairman of the Board of the
Company and the Bank. “Paul’s banking career includes a track
record in building community bank franchises. We believe his
expertise and perspective will be beneficial to our Bank’s
continuing efforts to create long-term shareholder value.”
Mr. Taylor said, “Pacific Mercantile has built a
strong commercial bank that is well positioned in the Southern
California market. I look forward to working with the
management team and my fellow directors to continue generating
profitable growth and to enhancing the value of the franchise.”
Mr. Taylor served as the CEO of Guaranty Bank
and Trust Company from 2011 up until its acquisition by Independent
Bank Group, Inc. in 2019. Mr. Taylor also served as the Chief
Financial Officer and Chief Operating officer of Guaranty Bank and
Trust Company’s parent, Guaranty Bancorp, positions he held since
2004. He also served as Chief Financial Officer of Centennial
Bank Holdings and its subsidiary Bank of the West from 2000 to
2004, which were acquired by Guaranty Bancorp in 2000.
Prior to his role at Centennial Bank Holdings
and Bank of the West, Mr. Taylor was the Director of Mergers and
Acquisitions for Alex Shushunoff Investment Banking, as well as a
similar role with Century Capital Group. Mr. Taylor also
spent a dozen years in a variety of management positions with
KeyCorp in both New York and the Rocky Mountain regions, and left
KeyCorp as its Executive Vice President and Chief Financial Officer
of the Rocky Mountain region.
About Pacific Mercantile
Bancorp
Pacific Mercantile Bancorp (Nasdaq: PMBC) 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. The Bank
is headquartered in Orange County and operates a total of seven
offices in Southern California, located in Orange, Los Angeles, San
Diego, and San Bernardino counties. The Bank offers tailored
flexible solutions for its clients including an array of loan and
deposit products, sophisticated cash management services, and
comprehensive online banking services accessible at
www.pmbank.com.
Forward-Looking Information
This news release contains statements regarding
our expectations, beliefs and views about our future financial
performance and our business, trends and expectations regarding the
markets in which we operate, and our future plans. Those
statements, which include the quotation from management, constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, can be identified by
the fact that they do not relate strictly to historical or current
facts. Often, they include words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “project,” or words of
similar meaning, or future or conditional verbs such as “will,”
“would,” “should,” “could,” or “may.” Forward-looking statements
are based on current information available to us and our
assumptions about future events over which we do not have
control. Moreover, our business and our markets are subject
to a number of risks and uncertainties which could cause our actual
financial performance in the future, and the future performance of
our markets (which can affect both our financial performance and
the market prices of our shares), to differ, possibly materially,
from our expectations as set forth in the forward-looking
statements contained in this news release.
In addition to the risk of incurring loan losses
and provision for loan losses, which is an inherent risk of the
banking business, these risks and uncertainties include, but are
not limited to, the following: the risk that the credit quality of
our borrowers declines; potential declines in the value of the
collateral for secured loans; the risk that steps we have taken to
strengthen our overall credit administration are not effective; the
risk of a downturn in the United States economy, and domestic or
international economic conditions, which could cause us to incur
additional loan losses and adversely affect our results of
operations in the future; the risk that our interest margins and,
therefore, our net interest income will be adversely affected by
changes in prevailing interest rates; the risk of increases in our
nonperforming assets, in which event we would face the prospect of
further loan charge-offs and write-downs of assets; the risk that
we will not be able to manage our interest rate risks effectively,
in which event our operating results could be harmed; the prospect
of changes in government regulation of banking and other financial
services organizations, which could impact our costs of doing
business and restrict our ability to take advantage of business and
growth opportunities; the risk that our efforts to develop a robust
commercial banking platform may not succeed; and the risk that we
may be unable to realize our expected level of increasing deposit
inflows. Readers of this news release are encouraged to
review the additional information regarding these and other risks
and uncertainties to which our business is subject that is
contained in our Annual Report on Form 10-K for the year ended
December 31, 2017, which is on file with the SEC. Additional
information is set forth in our Quarterly Report on Form 10-Q for
the three and nine months ended September 30, 2018, and readers of
this release are urged to review the additional information
contained in those reports.
Due to these and other risks and uncertainties
to which our business is subject, you are cautioned not to place
undue reliance on the forward-looking statements contained in this
news release, which speak only as of its date, or to make
predictions about our future financial performance based solely on
our historical financial performance. We disclaim any obligation to
update or revise any of the forward-looking statements as a result
of new information, future events or otherwise, except as may be
required by law.
For more information contactCurt Christianssen,
Chief Financial Officer, 714-438-2500
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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