This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pacific Mercantile Bancorp Announces Retirement Of Founding CEO Raymond E. Dellerba And Appointment Of Steven K. Buster As His Successor

Stocks in this article: PMBC

COSTA MESA, Calif., April 23, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC). Pacific Mercantile Bancorp (the "Company"), parent of Pacific Mercantile Bank (the "Bank" "PMB"), today announced the retirement of its founding President and CEO, Raymond E. Dellerba, and the appointment of Steven Buster as his successor as President and Chief Executive Officer of the Company and the Bank. Mr. Dellerba, who reached retirement age in January of this year, has agreed to stay on with the Company as a Director, and to provide strategic counsel and market support to the new CEO over the next two years in the newly created position of Vice Chairman and CEO Emeritus of the Company and the Bank.

Mr. Dellerba founded the Bank in 1998, led efforts to raise $150 million in equity for the Company, and continued to lead it until his retirement. Under his leadership, the Bank experienced strong growth and became Orange County's largest local bank. During his tenure, the Bank opened major offices in Newport Beach, Costa Mesa, San Juan Capistrano, La Habra, Beverly Hills, Ontario, and La Jolla.

"I couldn't be more pleased that Steve Buster has agreed to take the helm at PMB," Mr. Dellerba said. "Finding the right leader for the Company as I retire has been a major objective for me and my fellow Directors." "To have a banker of Steve's stature join us is a great outcome. I look forward to supporting his leadership as the Company grows and prospers in the future," he added.

A Tustin native and holder of a BA and MBA from USC, Mr. Buster has held senior positions at First Interstate Bank, Standard Chartered Bank, and most recently as Chief Executive Officer of the $3.0 billion Mechanics Bank in Richmond, California, which post he held for 9 years. He is the immediate past Chairman of the California Bankers Association, and is active in many other industry and civic groups in the state. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs