Profile: Pacific Mercantile Bancorp (PMBC.O)
29 Mar 2017
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. It operates through commercial banking segment. The Bank conducts a commercial banking business in Orange, Los Angeles, San Bernardino and San Diego counties in Southern California. The 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 Bank offers its customers various loan products, including commercial loans and credit lines, accounts receivable and inventory financing, Small Business Administration (SBA) guaranteed business loans, and owner-occupied commercial real estate loans. The Bank's commercial real estate loans are secured by first trust deeds on nonresidential real property. 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 approximately 30 months, equipment loans which generally amortize over a period of over seven years, and SBA guaranteed business loans with terms of over 10 years.
The Bank offers a range of banking and financial services 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 Automated Clearing House (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 provision of courier and onsite vault services for those clients with cash needs, and fraud prevention services, such as Positive Pay, ACH Positive Pay and transactional alerts. The Bank has total net loans of approximately $849,733,000.
The Bank's investments primarily include securities available for sale, which consist of residential mortgage backed securities issued by the United States agencies; residential collateralized mortgage obligations issued by non agencies; asset backed security, and mutual funds. The Bank's securities available for sale have a fair value of approximately $52,249,000.
Sources of Funds
The Bank's sources of funds include deposits, and borrowings and contractual obligations. The Bank's deposits consist of noninterest bearing demand deposits, interest-bearing checking accounts, money market and savings deposits, and time deposits. Its total deposits amount to approximately $893,840,000.
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
949 S Coast Dr Fl 3
COSTA MESA CA 92626-7737