COSTA MESA, Calif., July 28, 2010 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq:PMBC). Raymond E. Dellerba, President and CEO of Pacific Mercantile Bank, the sole subsidiary of Pacific Mercantile Bancorp, announced today that Neil B. Kornswiet has been elected to the Bank's Board of Directors and appointed as President of the Bank's Mortgage Division. "Mr. Kornswiet is uniquely suited to take on these dual roles with the Bank due to the combination of his accounting background, legal expertise and success as a senior executive in the mortgage industry," stated Mr. Dellerba.
Mr. Kornswiet started his career as an accountant for a large public accounting firm auditing financial institutions, among other entities. After receiving his Juris Doctorate degree, Mr. Kornswiet worked as an associate and later as a partner in a law firm that had one of the largest mortgage banking legal practices in the United States. Mr. Kornswiet's practice consisted of advising financial institutions with respect to regulatory compliance, corporate law and operational lending issues. Since 1991, Mr. Kornswiet served as a senior executive officer and director of several large mortgage banking companies, both privately held and publicly traded that collectively originated more than $30 billion of residential mortgage loans. He has also served as a managing director of a large investment bank.
Mr. Kornswiet also has recently become a shareholder of the Company, having purchased 2,500 shares of our Series "A" Preferred Stock.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp, which is a publicly traded company with its shares listed on the Nasdaq Stock Market under the trading symbol, "PMBC", is the parent holding company of Pacific Mercantile Bank. The Bank is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System which 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, which opened for business on March 1, 1999, had total assets exceeding $1 Billion as of December 31, 2009.
The Bank operates a total of eight financial centers in Southern California, four of which are located in Orange County, two of which are located in Los Angeles County, one of which is located in San Diego County and the other of which is located in the Inland Empire in San Bernardino County. The four Orange County financial centers are located, respectively, in the cities of Newport Beach, Costa Mesa (which is visible from the 405 and 73 Freeways), La Habra and San Juan Capistrano (which is our South County financial center that is visible from the Interstate 5 Freeway). Our two financial centers in Los Angeles County are located, respectively, in the cities of Beverly Hills and Long Beach. Our San Diego financial center is located in La Jolla and our Inland Empire financial center is located in the city of Ontario, visible from the Interstate 10 Freeway. In addition to the Bank's physical locations, it offers comprehensive banking services over its Internet Bank, which is accessible 24/7 worldwide at www.pmbank.com.
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