June 27, 2005, 2:26 p.m. EDT

Pacific Mercantile Bank to exit wholesale mortgages

SAN FRANCISCO (MarketWatch) -- Pacific Mercantile Bancorp said Monday that its Pacific Mercantile Bank subsidiary will exit the wholesale mortgage banking business in order to concentrate on expanding its commercial banking business. The wholesale mortgage loan division will be officially closed on or about Sept. 30, but the closure process will start immediately. A small group of employees will be retained to wind down the operations, the company said.

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