Pacific Mercantile Bancorp Appoints Anne McCallion to Board of Directors
September 21 2020 - 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 Anne
McCallion to the board of directors of both Pacific Mercantile
Bancorp and Pacific Mercantile Bank.
Ms. McCallion has nearly 30 years of experience
in the financial services industry, with a focus in the areas of
finance and operations. Ms. McCallion has served on the board of
PennyMac Financial Services, Inc. (NYSE: PFSI, “PennyMac”) since
2018. She served as PennyMac’s Chief Enterprise Operations Officer
from 2017 to 2019 and prior to that served as its Chief Financial
Officer from 2009 to 2016, holding similar positions at PennyMac
Mortgage Investment Trust, (NYSE:PMT). Prior to joining PennyMac,
Ms. McCallion served for over 17 years at Bank of
America/Countrywide Financial (“BofA”) where she held various
finance and operations positions.
“We are very pleased to add Anne to our Board of
Directors,” said Denis Kalscheur, Chairman of the Board of the
Company and the Bank. “Anne’s career as a public company executive
and board member includes a strong financial and operational
background within the financial services industry. We believe her
expertise and perspective will be beneficial to our Bank’s
continuing efforts to create long-term shareholder value.”
Ms. McCallion said, “Pacific Mercantile has
built a commercial bank that is focused on helping Southern
California midsized businesses succeed through their consultative
approach with their clients. I look forward to working with the
management team and my fellow directors to continue advancing their
commercial banking initiatives.”
Prior to her tenure at BofA, Ms. McCallion was an audit senior
manager with Deloitte & Touche, and prior to that had been on
the technical staff of the Financial Accounting Standards Board. A
Certified Public Accountant (Inactive), Ms. McCallion received her
Master in Business Administration from Ashland University and
received her Bachelor in Science degree with an emphasis in
Accounting from Gannon University.
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 is set forth in our Quarterly Report on Form
10-Q for the three and six months ended June 30, 2020, which is on
file with the SEC, 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 contactCurt Christianssen,
Chief Financial Officer, 714-438-2500
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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