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Bank Of Commerce Mortgage - Changes Company Name To Commerce Mortgage - Effective March 12, 2013

Stocks in this article: BOCH

SAN RAMON, Calif., March 12, 2013 /PRNewswire/ -- Bank of Commerce Mortgage, a leading provider of mortgage services in the Western United States, announced it will change the company name to Commerce Mortgage effective today. This is consistent with the terms of the re-acquisition of 51% of the equity back from Bank of Commerce Holdings (NASDAQ: BOCH).

(Logo:   http://photos.prnewswire.com/prnh/20130312/SF74787LOGO)

Scott Simonich, CEO of Commerce Mortgage states "2012 was a milestone year for the company.  Positive changes, internal growth and external expansion redefined the positioning of our organization. It is a perfect time to change our name to better reflect our core competencies within the market. We feel the new name will more effectively connect our primary business purpose with consumers - as well as within the real estate community."

Key Highlights for Commerce Mortgage during 2012:

  • The company was announced as a Top Bay Area Work Place in the June 17 th editions of the Bay Area News Group publications. http://www.mercurynews.com/topworkplaces.
  • In the fall of 2012 – the company re-acquired 51% of its capital stock from Bank of Commerce Holdings (NASDAQ: BOCH).  Bank of Commerce Holdings sold back the 51% ownership position to the partners of Simonich Corporation (dba Commerce Mortgage) - Scott Simonich and Mario De Tomasi. This agreement provided for a continued business relationship between the two companies on the funding side.
  • Commerce Mortgage became an approved direct seller to Fannie Mae and Freddie Mac.
  • The organization hired 116 new employees during 2012.  Of the 116 new hires – 55 employees were hired in the Greater Bay Area.
  • Four new offices were opened during 2012:  Santa Rosa, CA, Newport Beach, CA, San Diego, CA and Fort Collins, CO.

Mario De Tomasi, CFO comments on their business:  "In an environment of complex government regulation, our continued investment in technologies has enabled us to streamline our processes to be efficient while ensuring regulatory compliance.  This allows us to help make the dream and experience of home ownership a satisfying one for all our customers. We believe this direction will further position Commerce Mortgage as a leader in the mortgage services industry."

Commerce Mortgage is continuing to grow and will open five new locations during the first quarter of 2013.  The new offices will operate in:  Sunnyvale, CA, San Diego-Mission Valley, CA, Carlsbad, CA, Parker, CO, and Colorado Springs, CO.

To learn more about the company and its recent news - please visit the company's website at www.commercemtg.com

About Commerce Mortgage: As a HUD approved lender, Commerce Mortgage (formally Bank of Commerce Mortgage) approves and funds FHA, VA and USDA loans in addition to jumbo, conforming and reverse mortgages. Loan originators are provided with the ability to close transactions quickly and offer mortgage loans tailored to fit the needs of borrowers. Made up of some of the industry's most trusted mortgage professionals, Commerce Mortgage provides the right combination of people, technology and financial strength. The company is headquartered in San Ramon, California and serves customers from a wide range of locations throughout California, Colorado and Nevada. Commerce Mortgage welcomes inquiries from those interested in joining our dynamic team (visit commercemortgagecareers.com).

Media Contact: Scott Harris(925) 275-6844 mediarelations@bocm.com

SOURCE Commerce Mortgage

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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