Profile: Pacific Mercantile Bancorp (PMBC.O)
27 Feb 2015
Pacific Mercantile Bancorp, incorporated on January 7, 2000, is the holding company for Pacific Mercantile Bank (the Bank). The Company’s business operations are conducted by the Bank. The Bank conducts a commercial banking business in Orange, Los Angeles, San Bernardino and San Diego counties in Southern California. The commercial bank provides small and medium-size businesses, professional firms and individuals with a range of products and services, such as deposit accounts, commercial and consumer loans, cash management services and online banking services.
The composition of deposits and year average balance maintained as of December 2013 is as follows: noninterest-bearing checking accounts are $188,696; interest-bearing checking accounts are $33,447; money market and savings deposits are $155,352, and certificates of deposit are $354,720. The bank offers its customers a number of different loan products, including commercial loans and credit lines, accounts receivable and inventory financing, SBA guaranteed business loans, and owner-occupied commercial real estate loans. The loans outstanding as of December 2013 is as follows: commercial loans an amount of $ 226,450; commercial real estate loans-owner occupied is $174,221; commercial real estate loans-all other is $ 177,884; residential mortgage loans, multi-family is $ 96,565; residential mortgage loans, single family is $ 75,660; land development loans is $18,458, and consumer loans is $7,599.
The commercial loans the bank offer generally include short-term secured and unsecured business and commercial loans with maturities ranging from 12 to 24 months, accounts receivable financing for terms of up to 24 months, equipment loans which generally amortize over a period of up to 7 years and SBA guaranteed business loans with terms of up to 10 years. The interest rates on these loans generally are adjustable and vary based on market conditions and credit risk.
The bank offers an array of banking and financial services designed to support the needs of business banking clients. These services include online business banking portal which allows clients to conduct online transactions and access account information; collection services such as remote deposit capture services (PMB xPress Deposit), remittance payments (Lockbox) and incoming ACH and wire reporting and notification; payable services such as checks, wire transfer and ACH origination, business bill pay service, and business credit cards and also provide courier and onsite vault services for those clients with cash needs; fraud prevention services such as Positive Pay, ACH Positive Pay and transactional alerts.
The bank competes with Bank of America, Wells Fargo Bank, JPMorgan Chase, Union Bank of California, Bank of the West, U. S. Bancorp, Comerica Bank, Citibank, OneWest Bank, City National Bank, Citizens Business Bank, Manufacturers Bank and California Bank and Trust.
Pacific Mercantile Bancorp
THIRD FLOOR, 949 SOUTH COAST DRI
COSTA MESA CA 92626