New Bank Planned

Another independent bank is set to open in Orange County in two months.

The institution, Pacific Mercantile Bank, is expected to open in Fashion Island and would be the first new bank headquartered in Newport Beach since the early 1980s, the organization said Tuesday. It will be headed by veteran banking executives Raymond E. Dellerba and George H. Wells.

At least one other small bank has been formed in the county by former officials of banks gobbled up by a consolidation wave in the industry. PriVest Bank opened in July in Costa Mesa.