(Source: Business Wire)
Pacific Mercantile Bancorp (NASDAQ: PMBC) announced today that it has
commenced a private offering, to a limited number of sophisticated
investors, of $15.5 million of cumulative preferred shares that will be
convertible into shares of common stock of the Company at a conversion
price of $7.65 per common share. The Company said that it intends to use
the proceeds for general corporate purposes, including a contribution of
capital to Pacific Mercantile Bank, its wholly-owned banking subsidiary,
to be used primarily to fund the origination or purchase of interest
earning assets, the growth of its banking franchise and its working
capital requirements. No other terms were disclosed.
The securities to be offered will not be registered under the Securities
Act of 1933, as amended, or applicable state securities laws and,
therefore, may not be sold absent registration under the Securities Act
and applicable state securities laws or available exemptions from
registration requirements.
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp is the parent holding company of Pacific
Mercantile Bank. The Bank is an FDIC insured, California state-chartered
commercial bank and a member of the Federal Reserve System. The Bank
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 operates a total of eight
financial centers in Southern California and it offers comprehensive
banking services, over its Internet Bank, which are accessible 24/7
worldwide at www.pmbank.com.
The Company's headquarter offices are located in Costa Mesa, California.
This News Release is neither the offer to sell nor the solicitation of
an offer to buy any securities.
A service of YellowBrix, Inc.
