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Pacific Mercantile Bancorp Announces Closing Of Sale Of $15 Million Of Shares Of Common Stock At $6.75 Per Share To Carpenter Funds

Wednesday, 3 Apr 2013 08:00am EDT 

Pacific Mercantile Bancorp announced that effective as of March 30, 2013, it completed the sale of a total of 2,222,222 shares of the Company's common stock at $6.75 per share to Carpenter Community BancFund LP and Carpenter Community BancFund-A LP (collectively, the Carpenter Funds). As previously reported, we are contributing the net proceeds from the sale of those shares, which totaled approximately $14.8 million, to a new wholly-owned asset management subsidiary, which has used approximately $11.0 of those funds to purchase nonperforming loans and foreclosed real properties from the Company's wholly-owned banking subsidiary, Pacific Mercantile Bank. The sale of those assets by the Bank to that new subsidiary is expected to result in improvements in the Bank's financial condition and future financial performance and, at the same time, will provide the Bank with additional financial resources that it plans to use to fund new loans and grow its business. The remainder of the those proceeds will be used by that subsidiary to fund the costs of managing and disposing of the assets it is purchasing from the Bank and, subject to obtaining required regulatory approvals, plans to use the remainder of those proceeds to purchase additional nonperforming assets from the Bank. 

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