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PMBC Announces Closing of Sale of $26.3 Million

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Enterprising Investor Member Level  Monday, 04/23/12 10:42:44 PM
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PMBC Announces Closing of Sale of $26.3 Million of Common Stock at $6.26 Per Share to the Carpenter Funds (4/23/12)

COSTA MESA, Calif., April 23, 2012 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC) announced today that on April 20, 2012, it completed the sale of $26.3 million of the Company's common stock at $6.26 per share to Carpenter Community BancFund LP and Carpenter Community BancFund-A LP (collectively, the "Carpenter Funds"). The price of $6.26 per share of common stock was the Company's tangible book value per share of common stock as of December 31, 2011, and represents approximately a 17% premium over the $5.36 closing bid price of the common stock on April 19, 2012, the day before the closing.

A total of 4,201,278 shares of our common stock were sold to the Carpenter Funds in this transaction. As a result, the Carpenter Funds have become our largest shareholder, owning shares of preferred and common stock which represent approximately 26% of the Company's outstanding voting securities. The Carpenter Funds also purchased warrants from the Company for a purchase price of $51,105 that, subject to certain conditions, will entitle the Carpenter Funds to purchase up to 408,834 shares of the Company's common stock ("Warrant Shares"), at an exercise price of $6.26 per Warrant Share.

Keefe, Bruyette & Woods acted as the sole placement agent and financial advisor to the Company with respect to this common stock sale.

Raymond E. Dellerba, President and Chief Executive Officer of the Company and its wholly owned subsidiary, Pacific Mercantile Bank, stated, "This $26.3 million common stock sale is the final installment of the $50.155 million in capital that the Company has raised since 2009. This additional capital strengthens the capital position of the Company and the Bank and our ability to execute our strategic business plan to grow our franchise in commercial lending, mortgage banking and electronic banking. We also look forward to benefiting from the Carpenter Funds' experience and expertise in banking and financial services."

Edward Carpenter, Chairman of the Carpenter Funds, stated, "We are delighted to complete our investment in the Company. We look forward to further success together as the Bank seeks to capitalize on the exciting opportunity ahead of us."

About Pacific Mercantile Bancorp

Pacific 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 of which are located in Orange County, one of which is located in Los Angeles County, one of which is located in San Diego County and the other of which is located in the Inland Empire in San Bernardino County. The four Orange County financial centers are located, respectively, in the cities of Newport Beach, Costa Mesa (which is visible from the 405 and 73 Freeways), La Habra and San Juan Capistrano (which is our South County financial center that is visible from the Interstate 5 Freeway). Our financial center in Los Angeles County is located in the city of Beverly Hills. Our San Diego financial center is located in La Jolla and our Inland Empire financial center is located in the city of Ontario (visible from the Interstate 10 Freeway). In addition to the Bank's physical locations, it offers comprehensive banking services over its Internet Bank, which is accessible 24/7 worldwide at www.pmbank.com.

http://globenewswire.com/newsroom/news.html?d=252873

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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