Keefe Bruyette upgraded Pacific Mercantile Bancorp from Mkt Perform to Outperform and set a new price target of $12.00

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8-K - PACIFIC MERCANTILE BANCORP (0001109546) (Filer)

PHOENIX, Oct. 27, 2021 /PRNewswire/ -- Integro Bank (Proposed) announced today that Maxwell Sinclair joined the company as EVP, Chief Risk & Compliance Officer to lead the bank's Enterprise-Wide Risk, BSA, CRA and compliance activities. Maxwell Sinclair has 28 years' experience in bank compliance, risk management, audit and HR functions and most recently served in a similar role as EVP, Chief Risk & Compliance Officer at Pacific Mercantile Bank (NASDAQ:PMBC) until its October 2021 sale to BANC of California (NYSE:BANC). He previously held VP roles in Compliance, BSA and

Acquisition creates a business banking franchise in Southern California with over $9 billion in assets Three new independent directors appointed to the Board of Directors   Banc of California, Inc. (NYSE:BANC) (the "Company" or "Banc of California"), the holding company of Banc of California, N.A. (the "Bank"), announced today the completion of its acquisition of Pacific Mercantile Bancorp (NASDAQ:PMBC) ("Pacific Mercantile") effective as of October 18, 2021. Following the acquisition, Banc of California will have over $9 billion in total assets. The Company announces third quarter earnings on October 21, 2021. Jared Wolff, President & CEO of Banc of California, stated, "The Pacific

Banc of California, Inc. (NYSE:BANC) (the "Company") and Pacific Mercantile Bancorp (NASDAQ:PMBC) ("Pacific Mercantile") today announced that all required regulatory approvals for the mergers of Pacific Mercantile into the Company and Pacific Mercantile Bank into Banc of California, N.A. have been received. Subject to the satisfaction of the remaining closing conditions, the transaction is scheduled to close on or about October 18, 2021. With the addition of Pacific Mercantile, on a pro forma combined basis, the Company would have total assets of approximately $9.6 billion, total loans outstanding of approximately $7.1 billion, and total deposits of approximately $7.5 billion as of June 30

Second Quarter Summary Net income of $3.9 million, or $0.16 per fully diluted share, including merger-related expense that negatively impacted earnings per share by $0.02Classified loans reduced by 15.3% to $53.4 million from $63.0 million the prior quarter bringing year-to-date reduction by 40.9% from $90.5 million at the end of last yearNo provision for loan and lease losses for the quarter with ALLL-to-total loans outstanding of 1.55%, or 1.85% if the outstanding balance of PPP loans are excluded from total loans (as PPP loans are fully guaranteed and do not carry any allowance)Noninterest income increased by $1.1 million, or 64.8%, primarily as a result of gain on sale of loans an

COSTA MESA, Calif., May 18, 2021 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has provided a revolving line of credit to Quality Candy Company, LLC ("Quality Candy"), a manufacturer and distributor of high quality hard candy and soft sugar candy. Along with the financing, Quality Candy utilizes a full suite of Pacific Mercantile Bank's depository products and treasury management services. In addition to a leading position in the foodservice market, Quality Candy produces and sells two distinct lines of branded products: King Leo®, the oldest continuously sold brand of peppermint c

First Quarter Summary Net income of $3.4 million, or $0.14 per fully diluted shareLoans on nonaccrual reduced by 48.5% to $20.6 million and classified loans reduced by 30.2% to $63.0 millionOngoing focus on reducing cost of deposits resulted in a decrease in interest expense over last quarter of $338 thousand, or 26.1%, and expanded net interest margin by 12 basis points over last quarterTotal new loan commitments of $175.1 million and total loan fundings of $146.3 million including $92.6 million of Paycheck Protection Program ("PPP") loansNo provision for loan and lease losses for the quarterAllowance for loan and lease losses as a percentage of total loans outstanding at 1.38%, or 1.78% i

SANTA ANA, Calif.--(BUSINESS WIRE)--Banc of California, Inc. (NYSE: BANC) (the “Company”, “Banc of California”, “we”, “us” or “our”), the holding company of Banc of California, N.A., and Pacific Mercantile Bancorp (NASDAQ: PMBC) (“Pacific Mercantile”), the holding company of Pacific Mercantile Bank, today announced they have entered into a definitive agreement and plan of merger under which Pacific Mercantile will merge into Banc of California in an all-stock transaction valued at approximately $235 million, or $9.77 per share, based on the closing price for Banc of California’s common stock of $19.54 as of March 22, 2021. Banc of California expects the transaction to be 12.9% accre

COSTA MESA, Calif. , March 02, 2021 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $7.0 million credit facility to Winc, Inc., an online winery and wine club. In addition to the financing, Winc utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. Winc is a modern winery with a direct connection to the consumer, building a portfolio of brands for the next generation of wine drinkers. After launching in 2011 with the goal of making discovering great wine easy, Winc continues to disrupt the $220 billion wine industry.

Fourth Quarter Summary Net income of $3.7 million, or $0.16 per fully diluted shareTotal new loan commitments of $69.9 million and total loan funding of $44.4 millionOngoing focus on reducing costs of deposits resulted in a decrease in interest expense over last quarter of $465 thousand, or 26.4%No provision for loan and lease losses for the quarterNoninterest income increased 33.5% and noninterest expense decreased 8.9% compared to the same quarter prior yearAllowance for loan and lease losses as a percentage of total loans outstanding increased from the prior quarter to 1.43%, or 1.76% if the fully guaranteed Paycheck Protection Program ("PPP") loans are excluded, as compared to 1.3

COSTA MESA, Calif., Dec. 22, 2020 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $2.45 million credit facility to Simpson Sandblasting & Special Coatings, Inc. (“Simpson Sandblasting”), a company that first became a client of Pacific Mercantile through the Bank’s participation in the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). The new credit facility will be utilized to refinance an existing owner-occupied commercial real estate loan, provide a revolving line of credit for working capital/bonding needs, and provide financing for equipmen