Pacific Mercantile Bank to Terminate Mortgage Banking Operations
COSTA MESA, Calif., Dec. 11, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank, a wholly-owned subsidiary of Pacific Mercantile Bancorp (Nasdaq: PMBC), today announced that its Board of Directors has determined the Bank will exit the consumer mortgage origination business and terminate operations of its Mortgage Banking Division. The Bank expects to sell or terminate substantially all business activities of its consumer mortgage origination unit (previously reported as its Mortgage Banking segment).
"We made the strategic decision to exit the consumer mortgage origination business due to the operating performance of the unit and the Bank's desire to focus on continuing to develop the commercial banking opportunity in its marketplace," said Steven K. Buster, President & CEO of Pacific Mercantile Bancorp and Bank. "We believe that this change will support our mission of becoming a prominent Southern California business banking franchise."
Management anticipates that the Bank's consumer mortgage origination business will cease accepting new applications on or about December 20, 2013, if not sold prior to that date, and terminate all operations on or about April 30, 2014. The Bank will continue to serve the needs of mortgage customers with loans that are in process on December 20, 2013. "We fully understand the importance of ensuring that