Costa Mesa-based Pacific Mercantile Bancorp Inc. Chief Executive Raymond Dellerba will remain in the same post for its Pacific Mercantile Bank subsidiary.
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 sold $3.7 million worth of preferred stock to Carpenter in August, a move that helped satisfy regulators’ capital ratio requirement. The bank had planned to sell an additional $10.8 million of preferred stock and $15.5 million worth of common stock to Carpenter. Those deals were recently changed, and Carpenter will buy only common shares.
The change is expected to save the bank about $907,200 annually in dividends.
Separately, Pacific Mercantile said it returned to profitability in the fourth quarter, as well as for 2011.
The bank posted a $7.6 million quarterly profit. That compared with a loss of $2.3 million a year earlier.
Pacific Mercantile posted $11.2 million in net income for the year. It had $15 million in red ink in 2010.
