Pacific Mercantile Bancorp Appoints Manish Dutta to Board of Directors
November 22 2019 - 4:30PM
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 Manish
Dutta to the board of directors of both Pacific Mercantile Bancorp
and Pacific Mercantile Bank.
Mr. Dutta has over 22 years of experience in the
investment management industry, with a focus on business
operations, technology, strategic planning and implementing complex
and scalable solutions. Mr. Dutta is the Co‑Founder and Chief
Executive Officer of Alpha Ledger Technologies, a company which
leverages distributed ledger technology to connect all people to
fundamental positive impact municipal investment opportunities that
strengthen communities and improve quality of life. Mr. Dutta
brings with him a deep comprehension of the role of technology as a
business enabler and strategic vision for the evolving role of
technology in the financial sector.
“We are very pleased to add Manish to our Board
of Directors,” said Edward Carpenter, Chairman of the Board of the
Company and the Bank. “Manish’s career includes a strong
technology background within the financial industry. We
believe his expertise and perspective will be beneficial to our
Bank’s continuing efforts to create long-term shareholder
value.”
Mr. Dutta said, “Pacific Mercantile has built a
commercial bank that is focused on digital transformation and
delivering a low-friction client experience. I look forward
to working with the management team and my fellow directors to
continue advancing their digital transformation initiatives.”
Prior to founding Alpha Ledger Technologies, Mr.
Dutta spent 20 years with PIMCO where he most recently was a Senior
Vice President and Senior Manager, managing various teams of
developers, analysts and consultants supporting PIMCO’s global
client facing operations, business operations and strategic
initiatives for the executive office. Mr. Dutta joined PIMCO
as a Senior Developer leading teams and managing platform projects
working both domestically and internationally, and has steadily
risen through the management ranks over time. Prior to
joining PIMCO, Mr. Dutta held programmer and developer positions at
The Capital Group Companies, Inc. and GDI/Compuflex International,
respectively.
Mr. Dutta received his Bachelor’s degree in
Business Studies from Delhi University, India.
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, 2018, 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, 2019, 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
contact |
Curt Christianssen, Chief
Financial Officer, 714-438-2500 |
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