COSTA MESA, Calif., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC). Pacific Mercantile Bancorp today announced Robert Anderson has joined Pacific Mercantile Bank (the "Bank"), the Company's wholly owned subsidiary, as Executive Vice President, Head of Asset Based Lending. Mr. Anderson will be leading the Bank's effort to grow its asset based loan (ABL) portfolio across Southern California. He will be specifically focusing on working capital lines of credit and term loans to finance our clients' growth. "We are privileged to have Mr. Anderson join the executive management team of the Bank and look forward to his building our ABL department, a niche we have looked forward to growing at PMB, and to continue to enhance our commercial banking services," stated Steven K. Buster, President and CEO.
Mr. Anderson most recently led Silicon Valley Bank's Orange County office, at which he was responsible for their technology, life science and clean tech practice. He specialized in venture debt, ABL lines of credit, term loans, and leveraged buy-outs. During his tenure as leader of that office, they saw a 25% compounded annual growth rate in production. He was instrumental in recruiting, developing, and retaining a group of lending teams for the Orange County office and a group of lenders that supported each of their lending niches for the other offices in the region. Over his 17 years of service he helped finance a majority of the venture-capital backed technology and life science companies in Orange County. The higher profile companies he banked at the time of their acquisition include: Gaikai, DATAllegro, Networks In Motion, LenSx Lasers, Cameron Health, and ISTA Pharmaceuticals in addition to many other successful, cutting edge companies.
Tom Vertin, President of Commercial Banking, said, "I am delighted to be working with Mr. Anderson again; I found him to be a great motivator, an incisive thinker and a consistent producer of quality business. He will be a great asset to PMB and will round out our growing team of commercial lenders."
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 and commercial real estate loans, entertainment industry loans, small business (SBA) loans, import-export loans, mortgage loans, asset based financing 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 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