Pacific Mercantile to sell $15.5 million convertible preferreds

New York, Oct. 13 - Pacific Mercantile Bancorp said it plans to sell $15.5 million of cumulative convertible preferred shares in a private offering.

The preferreds will be convertible at $7.65 per common share. On Tuesday the company's stock closed at $3.13.

Pacific Mercantile will sell the securities to "a limited number of sophisticated investors."

Proceeds will be used for general corporate purposes including a contribution of capital to its Pacific Mercantile Bank banking subsidiary.

Pacific Mercantile is the Costa Mesa, Calif., holding company for Pacific Mercantile Bank.

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