Pacific Mercantile Bancorp (Nasdaq: PMBC, the “Company”), the
holding company of Pacific Mercantile Bank (the “Bank”), a wholly
owned banking subsidiary, today announced the election of Shannon
F. Eusey and Michele S. Miyakawa to the board of directors of
Pacific Mercantile Bancorp at the Company’s annual of meeting of
shareholders on May 15, 2019. Ms. Eusey and Ms. Miyakawa are
new additions to the Company’s board of directors and will also
serve on the board of directors of Pacific Mercantile Bank.
Ms. Eusey is a Co-Founder of Beacon Pointe
Advisors, LLC, one of the largest independent registered investment
advisory (“RIA”) firms in the nation, and serves as its Chief
Executive Officer and President. Ms. Miyakawa is a Managing
Director and one of the founding members of Moelis & Company, a
global independent investment bank.
“Shannon and Michele bring exceptional
leadership and expertise to our Board of Directors,” said Edward
Carpenter, Chairman of the Board of the Company and the Bank.
“Shannon has successfully built Beacon Pointe Advisors into a $10
billion RIA, while Michelle has more than 25 years of experience in
the finance industry as an investment banker and human resources
leader. The addition of Shannon and Michele will provide new
perspectives to the Board that we believe will help us to
effectively serve the evolving needs of our diverse customer base
and further enhance the value of our franchise.”
Prior to founding Beacon Pointe Advisors, LLC,
Ms. Eusey served as Managing Director and Portfolio Manager at
Roxbury Capital Management, LLC. She was responsible for the
socially responsible investments for several years at Roxbury. She
served as Vice Chairman on the Board of Directors for the National
Network to End Domestic Violence, as a Trustee for the Friends of
the Girl Scouts Council of Orange County, and as a board member of
the UCI Athletic Fund. She is a member of Orange County’s Young
President Organization, sits on the CNBC Financial Advisors
Council, and is part of ScratchWorks - a FinTech accelerator. She
graduated from the University of California Irvine where she Played
Division I Volleyball. She received her MBA from the University of
California, Los Angeles Anderson School of Business.
Ms. Miyakawa has served in multiple roles at
Moelis & Company including COO of Global Advisory and most
recently as Global Head of Human Resources, Head of Investor
Relations and Marketing and Communications. Previously, Ms.
Miyakawa was an investment banker with UBS, focusing on the
technology, media and telecom sectors where she led assignments in
merger and acquisition, recapitalization and restructuring, IPOs
and capital financing. Prior to UBS, she was an investment banker
with Donaldson, Lufkin & Jenrette. She has served as a Director
at the Children’s Bureau of Southern California and was a Trustee
for the Center for Early Education. Ms. Miyakawa graduated
from The Wharton School at the University of Pennsylvania where she
received her Bachelor of Science in Economics, and subsequently
obtained her MBA from Harvard 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. 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 March 31, 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 |
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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