COSTA MESA, Calif., Sept. 21, 2010 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC): Raymond E. Dellerba, President and CEO of Pacific Mercantile Bank, the sole subsidiary of Pacific Mercantile Bancorp, announced that Theodore A. Ray has been appointed to fill the position of Executive Vice President of the Bank's Mortgage Division. "We are very pleased to have Mr. Ray join our new Mortgage Division President, Neil Kornswiet, to assist in the overall management and the growth in production of the mortgage division. Together they have been a very successful team in the past and we are looking forward to their repeating that success at PMB," stated Mr. Dellerba.
Mr. Ray began his mortgage career in 1996 after graduating with a BS Degree in Business Management at Redlands University in Redlands, California. He is experienced in all facets of mortgage from originating, processing, underwriting and funding loans. He has opened new offices and run a 10 region operation across the U.S. While working with Mr. Kornswiet, Mr. Ray successfully grew a retail mortgage operation from $2 million to $120 million per month in an 18 month period, and has overseen both production and operations productivity for 400 plus employees. With his guidance we are looking forward to the continued growth of our mortgage division.
About Pacific Mercantile BancorpPacific Mercantile Bancorp, which is 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. The Bank 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, which opened for business on March 1, 1999, had total assets exceeding $1 Billion as of December 31, 2009.