Pacific Mercantile Bancorp (PMBC) in Costa Mesa, Calif., has named a credit-risk consultant and former Comerica (CMA) executive to its board.
Stephen Yost will also chair Pacific Mercantile's credit-policy committee, the company said in a press release.
Yost is a former regional chief credit officer for Comerica. He was chief credit officer of Imperial Bank when it was bought by Comerica. He retired in 2006 and created Kestrel Advisors, a credit-risk consulting firm that focuses on companies in the financial sector.
Yost is also a director at Manhattan Bancorp (MHNH) in El Segundo, Calif., and Mission Community Bancorp (MISN) in San Luis Obispo, Calif., according to the companies' websites. Yost will join the nine members already on Pacific Mercantile's board, according to the company's latest proxy filing.
Earlier this month, the $1.1 billion-asset company said it planned to raise nearly $15 million to create a separate unit that would take its nonperforming assets off its books and try to resell them. Pacific Mercantile lost $882,000 in the fourth quarter.