Pacific Mercantile Bancorp Announces Successful Closing of IPO and Move to Nasdaq

Business Wire, June 23, 2000

Business Editors/Banking Writers

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--June 23, 2000

Pacific Mercantile Bancorp (NASDAQ NMS:PMBC), a newly formed, publicly traded, one bank holding company for Pacific Mercantile Bank, Newport Beach, California, announced the successful closing of its Initial Public Offering (IPO), in which it sold 2,500,000 shares of common stock at $8.00 per share.

The public offering was underwritten by a group of underwriters headed by Paulson Investment Company, Inc.

Pacific Mercantile Bank, the sole subsidiary of Pacific Mercantile Bancorp, operates two Orange County banking offices located in Newport Beach and San Clemente. Pacific Mercantile Bank is a full service commercial bank, providing primary banking services to small and medium size businesses, professionals and individuals. The Bank is a state-chartered member of the Federal Reserve Bank.

A prospectus describing the offering can be obtained from Investor Relations, Pacific Mercantile Bancorp, 949/644-8040.

L.G. Zangani, LLC provides financial public relations service to the Company, As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of moneys, capital stock in the Company, warrants or options to purchase capital in the Company.