July 25, 2014
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Costa Mesa-based Pacific Mercantile Bancorp swung to a profit in the third quarter, reporting net income of $321,000 versus a net loss of $385,000 in the same period a year earlier.
Pacific Mercantile Bancorp reported higher year-over-year net income for the second quarter citing higher yield on earning assets.
Pacific Mercantile Bancorp has added two directors to its board, including the head of Aviation Capital Group Corp., a subsidiary of Newport Beach-based Pacific Life Insurance Co.
The Federal Reserve Board has terminated its enforcement action with Costa Mesa-based Pacific Mercantile Bancorp.
Costa Mesa-based Pacific Mercantile Bancorp narrowed its third-quarter loss to $693,000, versus a loss of $1.4 million in the same quarter a year earlier.
Costa Mesa-based Pacific Mercantile Bancorp Inc. managed to swing to a profit in the second quarter from the same period a year earlier, notching $4,000 in earnings.