Pacific Mercantile Bancorp Reports Sale of Carpenter Community BancFund Ownership Interest to Institutional Investors
Pacific Mercantile Bancorp (PMBC)
Last pacific mercantile bancorp earnings: 4/30 04:30 pm
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US:NASDAQ Investor Relations:
investors.pmbank.com
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Source: GlobeNewswire
COSTA MESA, Calif., Sept. 14, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bancorp (Nasdaq: PMBC, the “Company”), the holding company of Pacific Mercantile Bank (the “Bank”), a wholly owned banking subsidiary, and PM Asset Resolution, Inc. (“PMAR”), a wholly owned non-bank subsidiary, today reported that Carpenter Community BancFund, LP and Carpenter Community BancFund-A, LP (the “Carpenter Fund”) has sold 100% of its equity interest in the Company to institutional investors in privately negotiated transactions (the “Carpenter Disposition Transactions”). In connection with the Carpenter Disposition Transactions, the Company exchanged 1,467,155 shares of the common stock held by Carpenter for 1,467,155 shares of Series A Non-Voting Preferred Stock, the rights, preferences and privileges of which are substantially the same as those of the Company’s common stock, except that the preferred stock is non-voting other than where required under California law (“Preferred Stock”). Additiona
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