Pacific Mercantile Bancorp (PMBC) in Costa Mesa, Calif., has a new president and chief executive.
Pacific Mercantile said Tuesday that Raymond Dellerba, its founder, had stepped down after reaching the company $1.2 billion-asset company's mandatory retirement age earlier this year. Steven Buster has succeeded Dellerba, who will remain on the board as vice chairman and CEO emeritus.
Buster retired last year as the CEO of the $3 billion-asset Mechanics Bank in Richmond, Calif. He is the immediate past chairman of the California Bankers Association.
"I couldn't be more pleased that Steve Buster has agreed to take the helm at PMB," Dellerba said in the release. "Finding the right leader for the company as I retire has been a major objective for me and my fellow directors."