COSTA MESA, Calif., March 26, 2010 (GLOBE NEWSWIRE) -- Raymond E. Dellerba, President and CEO of Pacific Mercantile Bancorp (Nasdaq:PMBC), announced today that the Board of Directors of the Company has nominated Mark B. David to serve as a member of its Board of Directors and that the Board of Directors of its wholly-owned banking subsidiary, Pacific Mercantile Bank, also has nominated Mr. David to be a member of its Board. Mr. David's election to both Boards is subject to bank regulatory approvals. "With the nomination, and upon his election to the Boards of the Company and the Bank, Mr. David, a well known and respected Southern California businessman, will bring entrepreneurial insight, a wealth of business acumen and new business and professional contacts in our Southern California marketplace to the Company," said Mr. Dellerba. Mr. David is looking forward to fulfilling his future duties on both Boards of Directors.
Raised in New Jersey, Mr. David moved to California to attend Pepperdine University School of Law from which he received a Juris Doctor degree in 1978. Immediately after graduating law school he established a firm that represented professional football players. As part of this business, Mr. David assisted his clients with the investment of their earnings.
While investing in small apartment buildings both for and with his clients, Mr. David developed a passion for real estate. This lead to his formation in 1982 of the Landmark Companies, a diversified real estate development company of which Mr. David is the Chairman of the Board. Over the ensuing years, Landmark developed thousands of single family homes, condominiums, apartment units and hotel rooms. The Company, through its various entities, has had business relationships with several Fortune 100 companies, including General Electric Capital, Westinghouse, and Bank of America. It has continuing, long standing partnerships with Chevron Oil and GMAC. In addition, the company is currently a franchisee of Marriott International, Hilton Hotels Corporation, and Starbucks. Several years ago, the company transitioned from an active real estate development concern to an asset manager of its various holdings, including hotels and apartment complexes.
Mr. David has been active as a Leadership Member, Boy Scouts of America; was formerly a Foundation Trustee of Olive Crest Homes for Abused Children; is an Award Recipient from the Voluntary Action Center and serves on the Board of Directors of the Integrated Oncology Network, LLC. (ION).
Together with his wife and children, Mr. David lives in Newport Coast, California.
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, 2007.
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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