Pacific Mercantile Bancorp Plans IPO

Pacific Mercantile Bancorp in Newport Beach filed a securities document Tuesday with federal regulators to raise as much as $45 million in an initial public offering of 3 million shares.

The banking company plans to sell the stock at $12.50 to $15 a share, according to the document filed with the Securities and Exchange Commission.

Pacific Mercantile said that after the offering it will own Pacific Mercantile Bank, a state-chartered commercial bank, which will be the company’s sole subsidiary.

In the SEC filing, the company said that its shares trade over the counter but that trading in its shares has been limited and sporadic.

Pacific Mercantile Bancorp said it will use proceeds of the offering to contribute capital to the bank, fund increases in earning assets, open additional banking offices and fund other general purposes, including possible acquisitions of other banks.

Paulson Investment Co. will underwrite the offering, following which Pacific Mercantile will have 6.72 million common shares outstanding.