"The continued success of our banking strategy was dependent upon raising additional capital to enhance the 'click-to-mortar' concept of the Bank. The new Long Beach Financial Center will close the distribution gap between Beverly Hills and our Orange County Financial Centers and we look forward to working with the Long Beach community," said President and CEO, Raymond E. Dellerba.
Mr. Dellerba goes on to say, "Commercial loan demand seems to be improving, along with the economy, in our financial markets. The Board of Directors, employees and I are extremely grateful to our new and existing shareholder support for our banking franchise."
Pacific Mercantile Bank, 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 through its "click-to-mortar" combination of traditional banking financial centers and comprehensive, sophisticated electronic banking services. PMB is a wholly owned subsidiary of Pacific Mercantile Bancorp. The Bank's motto of "high tech and high personal touch" has proven a successful model for attracting and serving the mid-size privately owned business, which is the Bank's primary target client. In addition to banking, the Long Beach Financial Center will provide mortgage and brokerage services to its clients, both at the Bank and over the Internet. Full service brokerage is provided by PMB Securities Corp, an SEC registered securities broker-dealer, NASD (National Association of Securities Dealers, Inc.) member, SIPC insured, and, a subsidiary of Pacific Mercantile Bancorp.
We are equally proud to announce the hiring of Al Howard as Regional Senior Vice President, Long Beach. An experienced manager, Mr. Howard comes to Pacific Mercantile Bank as a 30 year veteran of Southern California commercial lending. Mr. Howard has spent the last 15 years of his banking career building strong professional ties to the Long Beach business community, as well as being involved with a variety of Long Beach business and charitable organizations. His experienced team of banking professionals is in place and looking forward to serving clients in the Long Beach and neighboring areas with all their financial needs.
Our Grand Opening will be announced at a later date.