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February 1, 2010
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| 08:07 EDT |  | PMBC |
| theflyonthewall.com: | Pacific Mercantile Bancorp to restate financials | | Pacific Mercantile Bancorp announced today that, based on a finding in a recent regulatory examination of Pacific Mercantile Bank, the Company’s wholly owned subsidiary, the Company has determined that it will restate its unaudited consolidated financial statements as of and for the quarter and nine months ended September 30, 2009 that were contained in its Quarterly Report on Form 10-Q for its third quarter ended September 30, 2009. The restatement involves an increase of approximately $3.3M in the Bank’s allowance for loan losses as of September 30, 2009, resulting from our decision, made on the basis of that regulatory examination, to give greater weight to qualitative factors in the determination of the amount of the allowance for loan losses. :theflyonthewall.com |
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