Pacific Mercantile Bancorp not to participate in US Treasury's CPP

Thu. April 09, 2009; Posted: 09:13 AM

Apr 09, 2009 (Datamonitor via COMTEX) -- PMBC | Quote | Chart | News | PowerRating -- Pacific Mercantile Bancorp, the holding company for Pacific Mercantile Bank, has decided that it will not participate in the US Treasury Department's capital purchase program.

The company has earlier received preliminary approval to participate in the capital purchase program (CPP) and obtain a capital investment of up to $25.5 million from the US Treasury.

Raymond Dellerba, president and CEO of Pacific Mercantile Bancorp, said: "In deciding not to participate in the troubled asset relief program (TARP), our board of directors considered a number of factors, including the belief that the costs of capital obtainable under that program are relatively high and concerns that the Treasury Department or Congress may impose new operational requirements or restrictions, retroactively, on TARP participants that could adversely affect the company in ways that are not foreseeable or measurable, creating uncertainties that make planning for the future more difficult.

"For those reasons, a growing number of banking institutions that took TARP funds have announced that they now want to return those funds. Without acceptance of the TARP funds we continue to be a well-capitalized banking institution under federal regulatory guidelines."

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