COSTA MESA, Calif., July 22, 2010 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC). Raymond E. Dellerba, President and CEO of Pacific Mercantile Bancorp and its wholly owned subsidiary, Pacific Mercantile Bank, announced today that the Federal Reserve has completed its review of the qualifications of Gordon C. Rausser, Ph. D., to serve on the Bancorp Board of Directors. As a result, Dr. Rausser can now assume his duties as a member of the Board. As previously reported, the Company's shareholders already elected Dr. Rausser to serve as a member of the Board at the Annual Shareholders Meeting held in May 2010. "We are very honored to have someone of Dr. Rausser's stature serving on the Bancorp Board. Dr. Rausser brings his invaluable insight, business acumen, knowledge of economics, and a wealth of important contacts to our Bank," said Mr. Dellerba. Moreover, Dr. Rausser brings to the Board extensive knowledge with respect to the impact that economic policies will have on our business, and considerable insight into risk management issues and the formulation and operation of risk management systems. Additionally, Dr. Rausser has recently become a shareholder of the Company, having purchased 10,000 shares of our Series "A" Preferred Stock in addition to the PMBC common stock he already held.
Pacific Mercantile Bancorp Announces Receipt Of Regulatory Clearances For Gordon C. Rausser, Ph.D., To Assume His Duties As A Director Of The Company
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