COSTA MESA, Calif., March 24, 2014 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), a wholly-owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that Tom R. Wagner has been named EVP and Manager of Pacific Mercantile Bank's Northern Division, which covers the areas served by the Bank's branches in Beverly Hills, Ontario and La Habra. Mr. Wagner joined Pacific Mercantile Bank in November 2013 after having spent 12 years at SVB Financial Group, parent company of Silicon Valley Bank. "We are very excited to have Tom leading our commercial lending activities in our Northern Division," said Steven K. Buster, President & CEO of Pacific Mercantile Bank. "Tom has been a high performing banker throughout his career with a proven track record of business development and in building highly productive banking teams. Tom's skills and experience will be instrumental in growing our asset-based lending practice and furthering the growth of our commercial banking platform." Mr. Wagner has more than 25 years of experience in the financial services industry. Prior to joining Pacific Mercantile Bank, Mr. Wagner was the Head of Corporate Finance for Silicon Valley Bank, where he led a team of 25 professionals and was responsible for 30% of that bank's lending assets. During his 12 years at SVB Financial Group, Mr. Wagner held numerous other leadership positions including President of SVB Securities and Head of Cash Management, where he led a group of 30 professionals providing treasury management solutions to clients. Earlier in his career, Mr. Wagner served as Group Vice President for ABN Amro and Director, Electronics Industry Group for CIBC, focusing specifically on technology lending while at both banks. Mr. Wagner has a bachelor's degree in Economics from California State University, Chico and has obtained the Series 7, 63 and 24 licenses from the National Association of Securities Dealers.
About Pacific Mercantile BancorpPacific Mercantile Bancorp is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients through its combination of traditional banking financial centers and comprehensive, sophisticated electronic banking services. The Bank operates a total of seven financial centers in Southern California, four in Orange County and one each in Los Angeles, San Diego Counties, and San Bernardino Counties. The four Orange County financial centers are located, respectively, in the cities of Newport Beach, Costa Mesa, La Habra and San Juan Capistrano. Our Los Angeles County financial center is located in the city of Beverly Hills. Our San Diego financial center is located in the city of La Jolla and our Inland Empire financial center is located in the city of Ontario. In addition, the Bank offers comprehensive banking services online at www.pmbank.com. Forward-Looking Statements This news release contains statements regarding our expectations, beliefs and views about our plans to exit the consumer mortgage origination business of our bank subsidiary, the timeframe for doing so and estimated exit costs and charges. These statements, which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These risks and uncertainties include, but are not limited to, the following: failure to minimize costs and expenses relating to termination of the operations of the consumer mortgage origination business; the timing for the termination of the operations of the consumer mortgage origination business; potential reputation risk as a result of terminating the operations of the consumer mortgage origination business; and our ability to effectively concentrate our resources and capital on our community banking operations. We undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and 10-Q reports and to our most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.
CONTACT: Robert Sjogren, EVP & General Counsel, 714-438-2500