Costa Mesa-based Pacific Mercantile Bancorp will join the Russell 3000 Index after the market opens on June 27. The Russell US indexes change annually to include the 4,000 largest U.S. stocks by market capitalization at the end of May.
Investment managers and institutional investors use the indexes as benchmarks for active investment strategies.
Separately, PacMerc Chief Operating Officer Bob Sjogren resigned and was scheduled to leave the holding company, the bank and subsidiary PM Asset Resolution Inc. on June 17. He had served as COO and executive vice president for two years.
PacMerc is held by Irvine-based private equity fund Carpenter Bank Partners Inc., which invests in community banks. It’s the No. 6 OC-based bank by assets.
—Michael de los Reyes
