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.