Home > Boards > US Listed > Banking and Finance > Pacific Mercantile Bancorp (PMBC)

Pacific Mercantile Bank to Exit Its Mortgage Banking

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Enterprising Investor Member Profile
Member Level 
Followed By 204
Posts 10,448
Boards Moderated 20
Alias Born 04/05/09
160x600 placeholder
Initial Statement of Beneficial Ownership (3) Edgar (US Regulatory) - 6/18/2019 4:05:15 PM
Initial Statement of Beneficial Ownership (3) Edgar (US Regulatory) - 6/18/2019 4:04:51 PM
Pacific Mercantile Bank Provides $6.4 Million Credit Facility to Culinary International LLC GlobeNewswire Inc. - 6/13/2019 8:00:00 AM
Pacific Mercantile Bank Provides a Multi-Million Dollar Credit Facility to Performance Inflatables Company GlobeNewswire Inc. - 6/11/2019 8:00:00 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 5/21/2019 4:55:06 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 5/17/2019 4:11:46 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 5/16/2019 5:11:12 PM
Pacific Mercantile Bancorp Announces Election of Shannon F. Eusey and Michele S. Miyakawa to Board of Directors GlobeNewswire Inc. - 5/16/2019 8:00:00 AM
Pacific Mercantile Bank Provides $5.9 Million in Financing to RedRock Security & Cabling, Inc. GlobeNewswire Inc. - 5/9/2019 8:00:00 AM
Quarterly Report (10-q) Edgar (US Regulatory) - 5/3/2019 3:01:56 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 5/2/2019 11:21:00 AM
Pacific Mercantile Bancorp to Participate in the D.A. Davidson Financial Institutions Conference GlobeNewswire Inc. - 5/2/2019 8:00:00 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 4/26/2019 7:35:18 AM
Pacific Mercantile Bank Provides $6.5 Million Credit Facility to Survival Systems International, Inc. GlobeNewswire Inc. - 4/25/2019 8:00:00 AM
Pacific Mercantile Bancorp Reports First Quarter Operating Results GlobeNewswire Inc. - 4/22/2019 8:00:00 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 4/22/2019 6:44:18 AM
Proxy Statement (definitive) (def 14a) Edgar (US Regulatory) - 4/15/2019 12:14:30 PM
Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a) Edgar (US Regulatory) - 3/28/2019 4:49:06 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 3/21/2019 7:14:25 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 3/14/2019 6:25:15 PM
Annual Report (10-k) Edgar (US Regulatory) - 3/11/2019 4:51:38 PM
P2Binvestor Solves Critical Working Capital Need of a California Business PR Newswire (US) - 3/7/2019 9:00:00 AM
Pacific Mercantile Bank Provides Financing to EMU Films GlobeNewswire Inc. - 3/6/2019 8:00:00 AM
Pacific Mercantile Bancorp Appoints Paul W. Taylor to Board of Directors GlobeNewswire Inc. - 3/5/2019 10:03:54 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 3/5/2019 8:36:53 AM
Enterprising Investor Member Level  Wednesday, 12/11/13 10:59:42 PM
Re: None
Post # of 51 
Pacific Mercantile Bank to Exit Its Mortgage Banking Operations (12/11/13)

COSTA MESA, Calif., Dec. 11, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank, a wholly-owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that its Board of Directors has determined the Bank will exit the consumer mortgage origination business and terminate operations of its Mortgage Banking Division. The Bank expects to sell or terminate substantially all business activities of its consumer mortgage origination unit (previously reported as its Mortgage Banking segment).

"We made the strategic decision to exit the consumer mortgage origination business due to the operating performance of the unit and the Bank's desire to focus on continuing to develop the commercial banking opportunity in its marketplace," said Steven K. Buster, President & CEO of Pacific Mercantile Bancorp and Bank. "We believe that this change will support our mission of becoming a prominent Southern California business banking franchise."

Management anticipates that the Bank's consumer mortgage origination business will cease accepting new applications on or about December 20, 2013, if not sold prior to that date, and terminate all operations on or about April 30, 2014. The Bank will continue to serve the needs of mortgage customers with loans that are in process on December 20, 2013. "We fully understand the importance of ensuring that our customers are provided with the same level of excellent customer service that we have provided in the past," Gary Braunstein, Executive Vice President of the Bank's Mortgage Banking Division said.

The Bank will honor all contractual commitments for mortgage loans that are in process as of December 20, 2013. Management expects the majority of those loans will close in 75 days. The Bank expects to incur approximately $3.3 to $3.8 million, after tax, in costs related to exiting the business.

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 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 over its Internet Bank, which is accessible 24/7 worldwide at www.pmbank.com.

http://globenewswire.com/news-release/2013/12/12/596318/10061224/en/Pacific-Mercantile-Bank-to-Exit-Its-Mortgage-Banking-Operations.html

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist