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Banc of California, Inc. has completed its acquisition of Pacific Mercantile Bancorp as of October 18, 2021, creating a significant business banking franchise in Southern California, with total assets exceeding $9 billion.
The deal, valued at approximately $226 million, adds $980 million in gross loans and $1.3 billion in deposits. A total of 11.9 million shares of the Company common stock will be issued as part of the merger. The Board of Directors will now include three new independent directors, enhancing governance and oversight.
Banc of California, Inc. (NYSE: BANC) and Pacific Mercantile Bancorp (NASDAQ: PMBC) have received all necessary regulatory approvals for their merger, expected to close around October 18, 2021. Post-merger, the combined entity is projected to have total assets of approximately $9.6 billion, total loans of about $7.1 billion, and deposits of roughly $7.5 billion as of June 30, 2021.
Pacific Mercantile Bancorp (PMBC) reported a net income of $3.9 million, or $0.16 per diluted share, for Q2 2021, despite merger-related expenses impacting EPS by $0.02. Classified loans fell 15.3% from the previous quarter, amounting to $53.4 million, reflecting a year-to-date reduction of 40.9%. Noninterest income surged by 64.8%, driven by gains from loan and security sales. Noninterest expenses decreased by 4.9%. Key metrics include total capital at 18.0% and Tier 1 capital at 11.3%. The merger with Banc of California is expected to close in Q3 2021.
Pacific Mercantile Bank, a subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), has extended a $7.5 million revolving line of credit to Mason-West, LLC, a distributor of seismic restraint systems. This partnership aims to support Mason West's growth following its acquisition. The financing will help address the company's working capital needs and enhance its operational capacity across California, Nevada, and Hawaii. Mason West will also utilize Pacific Mercantile's treasury management services, showcasing a collaborative approach towards their business objectives.
Pacific Mercantile Bank announced providing a revolving line of credit to Quality Candy Company. This financing supports Quality Candy, a leading manufacturer of hard and soft sugar candies, as it utilizes Pacific Mercantile's comprehensive banking services. Quality Candy produces iconic brands like King Leo® and Gilliam®, maintaining a significant market presence in North America. The partnership is expected to bolster Quality Candy's growth strategies, responding to their evolving financing needs. Pacific Mercantile Bank's expertise in the food and beverage sector was highlighted as a key factor in securing this relationship.
Pacific Mercantile Bancorp (PMBC) reported a first-quarter 2021 net income of $3.4 million ($0.14 per diluted share), a decrease from $3.7 million ($0.16) in Q4 2020. The company saw a 48.5% reduction in nonaccrual loans to $20.6 million and a 30.2% drop in classified loans to $63.0 million. Total new loan commitments reached $175.1 million. Noninterest expense rose 8.3% due to merger-related costs. The bank signed a definitive merger agreement with Banc of California, enhancing future growth potential.
Pacific Mercantile Bank has extended a $7.0 million credit facility to Winc, Inc., an online wine producer. This support aims to drive Winc's growth and brand development, particularly during a surge in subscribers spurred by the COVID-19 pandemic. Winc seeks to expand its portfolio, including a line of health-conscious wines under Wonderful Wine Co. Pacific Mercantile's experience in food and beverage banking will aid in this expansion. The Bank, established in 1999 and headquartered in California, offers a diverse range of financial solutions to its clients.
Pacific Mercantile Bank announced a $4.0 million revolving line of credit to CRU Data Security Group, aimed at enhancing CDSG's secure data storage solutions following its recent acquisition of Digistor. The partnership with Merion Partners and support from Veber Partners facilitates flexible financing for CDSG's growth in the expanding data security market. CDSG specializes in secure data storage for various sectors including government and IT, emphasizing quality and customer service.
Pacific Mercantile Bancorp (PMBC) reported a net income of $3.7 million, or $0.16 per share, for Q4 2020, a decline from $5.1 million in Q3 2020. Annual net income rose to $8.3 million, up from $5.7 million in 2019. New loan commitments reached $69.9 million, while loan funding was $44.4 million. Interest expense decreased by 26.4%, contributing to a 33.5% rise in noninterest income. The allowance for loan losses increased to 1.43%. Despite pandemic challenges, the bank's efforts in cost management led to a $3 million annual expense reduction.
Pacific Mercantile Bank has secured a $2.45 million credit facility for Simpson Sandblasting & Special Coatings. This financing will refinance an existing commercial real estate loan, provide a revolving line of credit for working capital, and fund equipment purchases. Simpson Sandblasting, experienced in sandblasting and painting, has expanded operations across several states. The partnership began with the Bank's assistance in securing PPP funding, highlighting Pacific Mercantile's commitment to customized financial solutions.
