COSTA MESA, Calif., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC). Pacific Mercantile Bancorp today announced Robert Anderson has joined Pacific Mercantile Bank (the "Bank"), the Company's wholly owned subsidiary, as Executive Vice President, Head of Asset Based Lending. Mr. Anderson will be leading the Bank's effort to grow its asset based loan (ABL) portfolio across Southern California. He will be specifically focusing on working capital lines of credit and term loans to finance our clients' growth. "We are privileged to have Mr. Anderson join the executive management team of the Bank and look forward to his building our ABL department, a niche we have looked forward to growing at PMB, and to continue to enhance our commercial banking services," stated Steven K. Buster, President and CEO.
Mr. Anderson most recently led Silicon Valley Bank's Orange County office, at which he was responsible for their technology, life science and clean tech practice. He specialized in venture debt, ABL lines of credit, term loans, and leveraged buy-outs. During his tenure as leader of that office, they saw a 25% compounded annual growth rate in production. He was instrumental in recruiting, developing, and retaining a group of lending teams for the Orange County office and a group of lenders that supported each of their lending niches for the other offices in the region. Over his 17 years of service he helped finance a majority of the venture-capital backed technology and life science companies in Orange County. The higher profile companies he banked at the time of their acquisition include: Gaikai, DATAllegro, Networks In Motion, LenSx Lasers, Cameron Health, and ISTA Pharmaceuticals in addition to many other successful, cutting edge companies.
Tom Vertin, President of Commercial Banking, said, "I am delighted to be working with Mr. Anderson again; I found him to be a great motivator, an incisive thinker and a consistent producer of quality business. He will be a great asset to PMB and will round out our growing team of commercial lenders."