Pacific Mercantile Bancorp in Costa Mesa, Calif., is set to have a new chief executive.
The $1.1 billion-asset company said in a press release Thursday that Thomas Vertin will also become its president on Jan. 1. Vertin, who has been the company's president of commercial banking, will succeed Steven Buster, who is retiring.
Buster, 65, has led Pacific Mercantile since April 2013.
Vertin has led the company's commercial banking division since September 2012. He also spent 18 years at SVB Financial in Santa Clara, Calif.
"Under [Buster's] leadership, the condition of the bank has improved dramatically as evidenced by the resolution of a large volume of problem assets, the return to profitability, the termination of legacy bank regulatory enforcement actions and the development of a long-term strategic focus that has positioned the bank for future growth and profitability," Edward Carpenter, Pacific Mercantile's chairman, said in the release.
Vertin will be paid a base salary of $400,000, in addition to various benefits, Pacific Mercantile disclosed in a regulatory filing. He will also receive a stock option to buy up to 100,000 shares of company stock. Buster is set to receive a yearly bonus of $225,000, in addition to a lump-sum payment of $292,500 in January.