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Kroll affirms ratings for Pacific Mercantile Bank

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Kroll affirms ratings for Pacific Mercantile Bank

Kroll Bond Rating Agency affirmed the BB+ senior unsecured debt and deposit ratings, BB subordinated debt rating and B short-term deposit and debt ratings for Costa Mesa, Calif.-based Pacific Mercantile Bank, a unit of Pacific Mercantile Bancorp.

The outlook for the long-term ratings remains positive.

Among the factors supporting the bank's ratings is Pacific Mercantile Bancorp's senior management team, many of whom have experience at larger banking institutions, according to Kroll. The rating agency also noted that Pacific Mercantile Bank's repositioning toward serving small to medium-sized businesses has enabled the bank to improve its overall loan and funding franchise.