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 Denis
P. Kalscheur as Chairman of the Board of Directors of Pacific
Mercantile Bancorp and the Bank. Mr. Kalscheur succeeds
Edward J. Carpenter, who retired from the Company’s Board of
Directors after having served as Chairman since 2012.
Mr. Kalscheur has been a member of the Company’s
Board of Directors since February 2015 and has served on the Audit
Committee, the Credit Policy Committee, the Human Resources and
Compensation Committee, and the Nominating and Governance
Committee. Mr. Kalscheur will continue to serve on an interim
basis as the Chairman of the Audit Committee.
“On behalf of the entire Board of Directors, we
would like to thank Ed Carpenter for his many years of board
leadership and significant contributions to the Company,” said Mr.
Kalscheur. “I am honored to succeed Ed as Chairman of the
Board and help guide Pacific Mercantile Bancorp in the coming
years. We have continued to build a strong, diverse Board
over the past several years that brings valuable insight, new
perspectives, and exceptional experience across a variety of
industries. We look forward to working with our senior
management team to build the Pacific Mercantile franchise and
create value for our shareholders.”
About Denis Kalscheur
Since April 2020, Mr. Kalscheur has served as an
advisory director for the Board of Directors of ORIX Corporation
USA, the wholly-owned privately held subsidiary of ORIX
Corporation, including serving as Chairman of its Audit Committee.
From January 2017 to November 2018, he served as a member of the
Board of Directors for Avolon Holdings Limited, the third largest
commercial jet aircraft leasing company in the world. From January
2016 to January 2017, Mr. Kalscheur served as Vice Chairman of
Aviation Capital Group (“ACG”), a global commercial jet aircraft
leasing firm and wholly-owned subsidiary of Pacific Life, a Fortune
500 life insurance enterprise. He served as ACG’s CEO and a member
of ACG's Board of Directors from January 2013 to December 2016.
Mr. Kalscheur served as SVP and Treasurer of
Pacific Life from 2010 through 2012. Mr. Kalscheur also had
significant board roles with College Savings Bank, a New Jersey
chartered savings bank and wholly owned subsidiary of Pacific Life,
including serving as a Director (2002-2012), Audit Committee
Chairman (2003-2007) and Chairman of the Board (2010-2012).
Prior to joining Pacific Life, Mr. Kalscheur was
a senior insurtech executive and held a number of executive officer
roles in the airline and aerospace industry. He served as President
and CEO of Elsinore Aerospace, a global aviation engineering and
certification, maintenance, modification and quality management
company. He served as CFO of U.S. passenger airline AirCal and its
parent, ACI Holdings. Mr. Kalscheur also served as VP and Treasurer
of Tiger International, a global diversified transportation company
and its wholly owned subsidiary, The Flying Tiger Line, a global
cargo airline. He began his career in commercial banking as a
corporate banking officer of both First Wisconsin National Bank and
Continental Illinois National Bank and Trust Company of
Chicago.
Mr. Kalscheur graduated with an MBA and BBA in
finance, investments and banking from the University of
Wisconsin-Madison where he is an emeritus member of the Dean's
Advisory Board.
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, including the
credit exposure of certain loan products and other components of
our business that could be impacted by the COVID-19 pandemic. 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, which is an
inherent risk of the banking business, these risks and
uncertainties include, but are not limited to, the following:
deteriorating economic conditions and macroeconomic factors such as
unemployment rates and the volume of bankruptcies, as well as
changes in monetary, fiscal or tax policy to address the impact of
COVID-19, any of which could cause us to incur additional loan
losses and adversely affect our results of operations in the
future; 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 that our interest
margins and, therefore, our net interest income will be adversely
affected by changes in prevailing interest rates; the risk that we
will not succeed in further reducing our remaining nonperforming
assets, in which event we would face the prospect of further loan
charge-offs and write-downs of other real estate owned and would
continue to incur expenses associated with the management and
disposition of those 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 that government
regulation of banking and other financial services organizations
will increase, causing our costs of doing business to increase and
restricting 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. Many of the foregoing risks and uncertainties are,
and will be, exacerbated by the COVID-19 pandemic and any worsening
of the global business and economic environment as a result.
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 are contained
in our Annual Report on Form 10-K for the year ended
December 31, 2019 which is on file with the Securities and
Exchange Commission (the “SEC”). Additional information will
be set forth in our Quarterly Report on Form 10-Q for the three
months ended March 31, 2020, which we expect to file with the SEC
during the second quarter of 2020, and readers of this release are
urged to review the additional information that will be contained
in that report.
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 |
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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