Pacific Mercantile Bancorp Appoints Brad R. Dinsmore as President and Chief Executive Officer
August 29 2019 - 5:00PM
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 Brad
R. Dinsmore as the President and Chief Executive Officer of Pacific
Mercantile Bancorp and Pacific Mercantile Bank, effective September
3, 2019. Mr. Dinsmore succeeds Thomas M. Vertin, who has
resigned from the Company and the Bank, effective September 3,
2019, due to his desire to relocate to Northern California.
Mr. Dinsmore has 32 years of banking experience and most recently
served as Corporate Executive Vice President for SunTrust Banks in
Atlanta, Georgia. During his tenure at SunTrust, Mr. Dinsmore
had responsibility for Consumer Banking, Small Business Banking,
Private Wealth Management and Digital Banking.
“We are very pleased to attract an executive of Brad Dinsmore’s
caliber to lead Pacific Mercantile Bancorp,” said Edward J.
Carpenter, Chairman of the Board of Pacific Mercantile
Bancorp. “Brad has an outstanding track record of delivering
exceptional results as a senior executive at SunTrust, Citigroup
and Bank of America, and he has consistently demonstrated the
ability to generate profitable growth in numerous areas of
banking. Earlier in his career, Mr. Dinsmore served in
numerous senior roles at Bank of America including responsibility
for delivering products and services to more than 12 million
consumers and businesses in the Western half of the United
States. Brad was based out of Los Angeles and Orange County
and served as the Market President for Orange County where he was
deeply involved in many community organizations. We believe
that Brad’s business banking experience in Orange County and Los
Angeles, combined with his proven leadership abilities, makes him
very well suited to guide the continued growth of our commercial
banking presence in Southern California.”
“We would also like to thank Tom Vertin for his many years of
service to Pacific Mercantile Bancorp,” said Mr. Carpenter.
“Tom was instrumental in guiding our transition to a
relationship-focused commercial bank and improving the composition
of our loan and deposit portfolios. We wish him well in his
future endeavors.”
“I’m excited to return home to Southern California and continue
building the Pacific Mercantile Bank franchise,” said Mr.
Dinsmore. “The Bank has a highly differentiated value
proposition that has enabled it to successfully increase its roster
of high-quality operating companies. Having spent more than
half of my career in the Southern California market, I believe
there is no better market in the country to serve the needs of the
large number of small- and middle-market companies. I look
forward to working with my new colleagues at Pacific Mercantile
Bank to deliver its unique value proposition to our current and
future clients resulting in deeper relationships, increased market
share, and greater franchise value.”
At SunTrust, Mr. Dinsmore was part of the executive leadership
team that led the turnaround of one of the largest banks in the
United States. Mr. Dinsmore was previously Head of U.S.
Retail Banking for Citigroup based out of New York City. Mr.
Dinsmore’s tenure at Bank of America began in San Diego as a
business development officer. He has served in senior roles
in Southern California for more than 16 years during his banking
career.
Mr. Dinsmore earned his bachelor's degree in Business
Administration from California Polytechnic State University and
completed additional studies at the University of Washington's
Pacific School of Banking. During his career, Mr. Dinsmore has
worked with numerous community organizations in Southern California
including the UC Irvine CEO Round Table, Junior Achievement of
Southern California, United Way of Orange County, the Los Angeles
Chamber of Commerce and the Los Angeles Sports Council.
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 has seven locations 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 treasury 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 plans to continue to
build our loan portfolio and supporting systems and processes.
These statements, which constitute "forward-looking
statements" within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995, 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." These
forward-looking statements are subject to numerous risks and
uncertainties. Actual results may differ materially from the
results discussed in these forward-looking statements because such
statements are inherently subject to significant assumptions, risks
and uncertainties, many of which are difficult to predict and are
generally beyond our control. These risks and uncertainties
include, but are not limited to, the following: the impact of
interest rates and other external economic factors and competition
among financial services providers. We undertake no obligation (and
expressly disclaim any such obligation) to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. For additional information
concerning factors that could cause actual conditions, events or
results to materially differ from those described in the
forward-looking statements, please refer to the factors set forth
under the headings "Risk Factors" in our most recent Form 10-K and
10-Q reports and to our most recent Form 8-K reports, which are
available online at www.sec.gov. No assurances can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on our results of operations or financial
condition.
Pacific Mercantile Bancorp Contact:Curt
ChristianssenChief Financial Officer714-438-2500
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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