COSTA MESA, Calif., June 3, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC). Pacific Mercantile Bank ("PMB") announced that the U.S. Small Business Administration ("SBA") had presented Joan Earhart with the agency's Year 2013 Region IX Financial Services Champion of the Year Award. She was nominated for the award by Andrew Dmitrenko of CDC Small Business Finance. District Director Adalberto Quijada stated, "Joan's initiative in addressing challenges presented by small businesses trying to obtain working capital and contract financing and proposing solutions is indicative of her entrepreneurial spirit and her desire to put her clients' needs first. We're proud of Joan and pleased to give her this award." "Lenders like Pacific Mercantile Bank play a vital role in helping SBA achieve its mission in helping small businesses start and grow. As a valued partner of the SBA since the Bank's establishment in 1999, Pacific Mercantile Bank has made clear their commitment to serving America's job creators," added Rachel Baranick, Acting District Director, SBA Santa Ana District Office.
A 30 year veteran of SBA guaranteed lending, Joan Earhart presently holds the position of Senior Executive Vice President and Manager of PMB's SBA Department. Ms. Earhart came to PMB from Fullerton Community Bank, where, 12 years ago, she launched their SBA division, called Business Community Capital. During that time, she and her team provided approximately $700 million dollars in loans to some 1,200 small businesses. As more of her clients found it difficult to raise capital to sustain and grow their businesses, she saw an opportunity to help by using an underutilized sub-program of the SBA's 7(a) loan program created to offer short term financing via credit lines and contract financing. The program needed changes put into effect to allow for more lenders to participate, so she wrote to the SBA Administrator and key staff members outlining some of the problems, as well as proposing solutions. She worked closely with SBA to craft revisions to the agency's Standard Operation Procedures (SOP), resulting in the creation of the new CAPLine program. Since these changes were made, the volume in this program has increased from $117 million, through 108 loans in FYE 2011, to $409 million through 532 loans, in FYE 2012. Based on 2.5 months of activity in year 2013, the program is on track to provide financing totaling $542 million to 710 small business loan recipients by the end of the fiscal year.
Committed to small business, Ms. Earhart serves on the Board of Directors for CDC Small Business Finance, the largest 504 lender in the country, as well as on their loan committee. Ms. Earhart also served as the founding Chairperson for the Small Business Financial Development Corporation of Orange County, which administers the State Loan Guaranty Program.
Every year since 1963, the President of the United States has issued a proclamation announcing National Small Business Week, which recognizes the critical contributions of America's entrepreneurs and small business owners. More than half of Americans either own or work for a small business and they create two out of every three new jobs in the U.S. each year. As part of National Small Business Week, SBA takes the opportunity to highlight the impact of outstanding entrepreneurs, small business owners, and others. Every day they're working to grow small business, create 21st century jobs, drive innovation, and increase America's global competitiveness.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp, a publicly traded company with its shares listed on the Nasdaq Stock Market under the trading symbol, "PMBC", is the parent holding company of Pacific Mercantile Bank ("PMB"). PMB is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, which provides a wide range of commercial banking services to businesses, business professionals and individual clients through its combination of traditional banking financial centers and comprehensive, sophisticated electronic banking services. The Bank's major product lines include commercial loans, commercial real estate loans, entertainment industry loans, small business (SBA) loans, export-import loans, mortgage loans, asset based financing, deposit products, and treasury and cash management services. The Bank, which opened for business on March 1, 1999, had total assets exceeding $1 billion as of December 31, 2012. PMB operates a total of seven financial centers in Southern California, four in Orange County located in the cities of Newport Beach, Costa Mesa, La Habra and San Juan Capistrano, one in Los Angeles County in the city of Beverly Hills, one in San Diego County in the city of La Jolla and one in the Inland Empire in San Bernardino County, in the city of Ontario. In addition to the Bank's physical locations, it offers comprehensive business and individual banking services over its Internet Bank at www.pmbank.com.
CONTACT: For more information contact Nancy Gray, SEVP & CFO, 714-438-2500 Barbara Palermo, EVP & IR, 714-438-2500
Source:Pacific Mercantile Bank