Pacific Mercantile Bank is headquartered in Costa Mesa and is the 53rd largest bank in the state of California. It is also the 678th largest bank in the nation. It was established in 1999 and as of December of 2013, it had grown to 245 employees at 10 locations. Pacific Mercantile Bank has a B+ health rating.
Pacific Mercantile in Costa Mesa is the epidomy of greed, dishonesty, and corruption. They will look into your portfolio and if there is money there, they will wait untill you are deep into the loan and suddenly come up with unexpected fees and cost, knowing its very hard to back out.
This all comes under the umbrella that each loan is on a case by case basis. The outright dishonesty is uphaling. You can get away with it once or twice but these deceptive practices will catch up with them, hopefull in court where it will matter.
My wife and I are currently working with the Loan Officer Tanvir Karim purchase a new home. He has been extemely professional and attentive to detail. I do not know the circumstancdes of the other review posted. However, my experience with Pacific Mercantile Bank has been a breath of fresh air compared to our last experience with another lending institution trying to put together a simular loan. 5 stars earned excellent service. Gary and Darilyn Gray
We have been stuck in Hotels and now renting our own home from the sellers while we wait for this hopeless institution to figure out how to prepare documents!! They confirm there is nothing holding up the closing, but they just cant seem to produce any results. What a nightmare!!!
Homeless in Texas
I moved and changed addresses in Ontario branch in Jan, 2012, but there is still mail being sent to my old address with SSN fully printed in June, 2012. When I try to call the bank to stop sending mail to old address, they said it's impossible. Today is Thursday and I still have not heard back from the branch or the information security officer. The next step is to file a complaint to the regulator or homeland security office.
This bank is crazy! I can't believe they are even in business! My husband and I were promised an approval two weeks ago on our home loan and now we are up against losing our dream home if these people don't pull through for us. I have never felt more helpless in my LIFE! If you can, stay AWAY! Save yourself some time and work with a bank that really cares about the American dream.
I have several CD's with Pacific Mercantile. Although their rates are not always the highest, they are consistently competitive, and -- best of all -- they keep the same rates for a long time. No changing from week to week or day to day.
Customer service at the Costa Mesa branch is tops. Everyone is polite, careful, and thorough. Fashion Island branch is not quite so good. Also, statements from the Fashion Island branch take longer to arrive.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Pacific Mercantile Bank had $16.67 million in non-current loans and owned real-estate with $122.29 million in equity and loan loss allowances on hand to cover it. This gives Pacific Mercantile Bank a Texas Ratio of 13.63% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Pacific Mercantile Bank decreased dramatically from 24.96% as of December 31, 2012 to 13.63% as of December 31, 2013, resulting in a positive change of 45.39%.This indicates that the balance sheet and financial strength for Pacific Mercantile Bank has improved dramatically in recent periods.
In the past year, Pacific Mercantile Bank has decreased its total deposits by -$67.92 million, resulting in -7.94% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Pacific Mercantile Bank has shown is below average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Pacific Mercantile Bank has $980.7 million in assets with $122.29 million in equity, resulting in a capitalization level of 12.47%, which is excellent.
|FDIC Certificate #||34940|
|Assets and Liabilities|
|Equity Capital||$110.93 million|
|Loan Loss Allowance||$11.36 million|
|Unbacked Noncurrent Loans||$9.06 million|
|Real Estate Owned||$7.62 million|
|Historic Data - December 2012|
|Equity Capital||$131.68 million|
|Loan Loss Allowance||$10.88 million|
|Unbacked Noncurrent Loans||$9.06 million|
|Real Estate Owned||$17.71 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.18%|
|Return on Assets||-2.04%|
|Return on Equity||-16.03%|
|Interest Income||$33.88 million|
Always verify rates and promotions with the bank or credit union. We are not Pacific Mercantile Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.05%||$250||-||Personal Net Image Savings Account|
|0.05%||$250||-||Business Basic Savings|
|0.41%||$1m||-||Personal High Performance Money Market Savings Account|
|0.41%||$1m||-||Business High Performance Money Market Savings Account|
|0.30%||$1m||-||Personal High Performance Money Market Checking Account|
|0.30%||$1m||-||Business High Performance Money Market Checking Account|
|0.15%||$100k||-||Personal Basic Money Market Account|
|0.15%||$100k||-||Business Basic Money Market Account|
|1.00%||$25k||$125k||Premium Interest Checking Account Plus|
|0.05%||$1,500||-||Personal Net Image Interest Checking Account|
|0.05%||$5k||-||Business Interest Checking|
|0.05%||$4k||-||Attorney/Client Trust (IOLTA)|
|0.95%||$10k||-||60 Month Net CD|
|0.95%||$10k||-||Business 60 Month Net CD|
|0.85%||$10k||-||36 Month Net CD|
|0.85%||$10k||-||Business 36 Month Net CD|
|0.80%||$10k||-||24 Month Net CD|
|0.80%||$10k||-||Business 24 Month Net CD|
|0.70%||$10k||-||18 Month Net CD|
|0.70%||$10k||-||Business 18 Month Net CD|
|0.65%||$10k||-||12 Month Net CD|
|0.65%||$10k||-||Business 12 Month Net CD|
|0.50%||$10k||-||6 Month Net CD|
|0.50%||$10k||-||Business 6 Month Net CD|
|0.30%||$10k||-||3 Month Net CD|
|0.30%||$10k||-||Business 3 Month Net CD|
|0.95%||$7,500||-||5 Year IRA (Traditional,Roth)|
|0.80%||$7,500||-||2 Year IRA (Traditional,Roth)|
|0.70%||$7,500||-||18 Month IRA (Traditional,Roth)|
|Pacific Mercantile Bank Locations|
|LA Habra Branch||1530 West Whittier Blvd.ste B||LA Habra, CA 90631|
|San Juan Capistrano Branch||31601 Avenida Los Cerritos Ste 100||San Juan Capistrano, CA 92675|
|Ontario Branch||3257 Guasti Road Suite 110||Ontario, CA 91761|
|LA Jolla Branch||4225 Executive Square Ste. 150||LA Jolla, CA 92037|
|Newport Beach Branch||450 Newport Center Drive, Suite 100||Newport Beach, CA 92660|
|Internet Banking Branch||949 South Coast Dr, 3rd Fl.||Costa Mesa, CA 92626|
|Costa Mesa Branch||949 South Coast Dr., Ste 105||Costa Mesa, CA 92626|
|Pacific Mercantile Bank||949 South Coast Drive, 3rd. Floor||Costa Mesa, CA 92626|
|Beverly Hills Branch||9720 Wilshire Boulevard, Suite 100||Beverly Hills, CA 90212|