Pacific Mercantile Bancorp in Costa Mesa, Calif., is searching for a new chief credit officer for its banking unit.
The $1.1 billion-asset Pacific Mercantile said last week in a Securities and Exchange Commission filing that Bradford C. Hoover has resigned from its Pacific Mercantile Bank and will leave Sept. 24. The filing did not give a reason for the resignation.
Raymond E. Dellerba, the president and chief executive officer of the parent company and the bank, will take on the duties of the chief credit officer until a successor is found.
Last month Pacific Mercantile Bancorp reported that it swung to a $830,000 loss in the second quarter, from a $1.5 million profit a year earlier. It attributed the loss partly to a 730% increase in its provision for loan losses, to $2.7 million, as a result of rising chargeoffs and nonperforming loans. The company said in its earnings report that it remained well capitalized.
