COSTA MESA, Calif., Aug. 27, 2012 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) (the "Company"), parent holding company of Pacific Mercantile Bank (the "Bank"), today announced that Raymond E. Dellerba will assume a new role with the Bank as its Vice Chairman. The move will enable him to focus, as President and CEO of the Company, on the development and implementation of strategic plans to move the Company and the Bank forward to a successful long-term future. On Friday, the Board of Directors of the Bank approved Mr. Dellerba's decision and formed a special committee to identify and hire a new President for the Bank.
To ensure continuity of the management of its day-to-day operations during the search process, the Bank will form an Office of the President, which will be comprised of its senior officers and will report directly to the Board of Directors of the Bank. The Office of President will be headed by newly nominated director Howard Gould, who has performed similar roles at other Southern California banking institutions. In 2005, Mr. Gould joined Carpenter & Company after a nearly 35-year career as a senior banker, consultant and regulator, including as Vice Chairman and Chief Operating Officer of one of California's largest regional banks and two appointments as California's chief banking regulator.
"After focusing much of my time on day-to-day operations of the Bank since 1999, I look forward to this opportunity to devote more of my time, as President and CEO of the Company, to the steps ahead that will enable us to offer more services to our banking customers, grow the value of our banking franchise and enhance long-term shareholder value," said Dellerba. "I'm proud of what our team at Pacific Mercantile has built and I am confident that, working together, we will succeed in accomplishing these objectives."