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Costa Mesa's Pacific Mercantile Bancorp declines $25 million in TARP funds
Firm received preliminary approval in February.
By Kristen SchottPublished: April 09, 2009 10:39 AM
Costa Mesa-based Pacific Mercantile Bancorp is declining to participate in the Department of the Treasury's TARP Capital Purchase Program. Under the plan, the firm would have received a capital investment of up to $25.5 million.
Pacific Mercantile Bancorp was granted preliminary approval to take part in the program in February but had stated that the firm didn't have an immediate need for the additional capital, and would determine whether participation was necessary.
The Capital Purchase Program was put into place to encourage and provide support for U.S. financial institutions to increase the flow of capital and financing to businesses and consumers. It's all a part of the government's plan to stimulate the economy.
“In deciding not to participate in the TARP program, our board of directors considered a number of factors, including the belief that the costs of capital obtainable under that program are relatively high," says company President Raymond Dellerba.
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Pacific Mercantile Bancorp was granted preliminary approval to take part in the program in February but had stated that the firm didn't have an immediate need for the additional capital, and would determine whether participation was necessary. The Capital Purchase Program was put into place to encourage and provide support for U.S. financial institutions to increase the flow of capital and financing to businesses and consumers. It's all a part of the government's plan to stimulate the economy. “In deciding not to participate in the TARP program, our board of directors considered a number of factors, including the belief that the costs of capital obtainable under that program are relatively high," says company President Raymond Dellerba. NEXT PAGE >> Related headlines "OC METRO Minute," Feb. 23: Pacific Mercantile Bancorp receives approval Aliso Viejo's Cianna Medical completes funding round for SAVI "OC METRO Minute," April 8: Socialcast secures $1.4 million in venture capital funding |
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