Pacific Mercantile Bancorp (PMBC) in Costa Mesa, Calif., has hired an executive from SVB Financial Group (SIVB) to lead a niche lending unit.
Robert Anderson has joined its bank subsidiary as head of asset-based lending, the $1 billion-asset company announced Thursday. He will oversee working capital lines of credit and term loans, the company said. Pacific Mercantile did not immediately respond to an inquiry about whom Anderson replaced.
Anderson joined Pacific Mercantile in June, after more than a decade at SVB's Silicon Valley Bank unit. Most recently, he led Silicon Valley's Orange County office, and was responsible for the bank's technology, life sciences and clean-tech practice.
"We are privileged to have Anderson join the executive management team of the bank and look forward to his building our [asset-based lending] department, a niche we have looked forward to growing at [Pacific Mercantile], and to continue to enhance our commercial banking services," stated Steven Buster, president and chief executive, in the news release.
Pacific Mercantile hired Steven Buster, the former chief executive of Mechanics Bank in Richmond, Calif., as its CEO after founder Raymond Dellerba reached the company's mandatory retirement age earlier this year.