Dellerba to Keep Post at Pacific Mercantile BankWednesday, February 29, 2012
Costa Mesa-based Pacific Mercantile Bancorp Inc. Chief Executive Raymond Dellerba will remain in the same post for its subsidiary, Pacific Mercantile Bank.
Plans had been in place for Dellerba to step down from the top post at the bank upon completion of a second round of financing from Irvine-based investment firm Carpenter & Co.
Carpenter’s funds are now in the process of buying $26.3 million of the bank holding company’s common shares.
Pacific Mercantile earlier this week reported a return to profitability in the fourth quarter and all of 2011. The bank made $7.6 million in the fourth quarter compared with a loss of $2.3 million a year earlier. It posted $11.2 million in net income for the full year, reversing a $15 million loss in 2010.