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Douglas Spencer Named SVP & Regional Manager of Pacific Mercantile Bank’s Costa Mesa Office

COSTA MESA, Calif., Sept. 12, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that Douglas Spencer has been named Senior Vice President & Regional Manager of the Bank’s Costa Mesa office. In leading Pacific Mercantile Bank’s largest regional office, Mr. Spencer will coordinate and partner with relationship managers to continue attracting high quality operating companies to the Bank.

Mr. Spencer’s banking career spans over 30 years including a decade as President & CEO of Gilmore Bank, a Southern California community bank with $200 million in assets. As CEO of Gilmore Bank, Mr. Spencer quadrupled the size of the institution by guiding the launch of six new profit centers and more than 10 new revenue streams. Earlier positions in the banking industry include serving as President & CEO of Centennial First Financial Services and EVP/Branch Administrator with Pacific Mercantile Bank. Most recently, Mr. Spencer was President & CEO of Diva Limousine, a luxury ground transportation company with operations in Los Angeles and New York.

Mr. Spencer holds a Juris Doctor with a Corporate & Commercial Emphasis and an MBA with a Finance Concentration from the University of Utah, and a Bachelor of Science degree in Business Management and Finance from Brigham Young University.

“We are very pleased that Doug has returned to Pacific Mercantile Bank to lead our Costa Mesa office,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “Having been the CEO of both financial services companies and operating companies, Doug has a unique perspective on what clients want from their banking partner. His experience will be valuable in helping us continue to build highly productive banking teams and further growing our client roster.”

About Pacific Mercantile Bank

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 nine 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 plans to continue to build our loan portfolio and supporting systems and processes. These statements, which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, 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." These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These risks and uncertainties include, but are not limited to, the following: the impact of interest rates and other external economic factors and competition among financial services providers. We undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" in our most recent Form 10-K and 10-Q reports and to our most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.

Pacific Mercantile Bank Contact:
Robert Anderson
EVP & Chief Banking Officer
714-438-2500

Source:Pacific Mercantile Bank