Bank of Commerce Mortgage Changes Name

Effective immediately, Bank of Commerce Mortgage will be called simply ""Commerce Mortgage"":http://www.commercemtg.com/.

According to a press release, the name change is ""consistent with the terms of the re-acquisition of 51 percent of the equity back from Bank of Commerce Holdings,"" which sold back the ownership position to the partners of Simonich Corporation, Scott Simonich and Mario De Tomasi.

""2012 was a milestone year for the company. Positive changes, internal growth and external expansion redefined the positioning of our organization. It is a perfect time to change our name to better reflect our core competencies within the market,"" said Simonich, Commerce Mortgage's CEO. ""We feel the new name will more effectively connect our primary business purpose with consumers--as well as within the real estate community.""

As the business grows, it plans to open five new locations across California and Colorado by the end of the first quarter. Those locations will bolster the growth already started last year, which saw the opening of four new branches.

""In an environment of complex government regulation, our continued investment in technologies has enabled us to streamline our processes to be efficient while ensuring regulatory compliance. This allows us to help make the dream and experience of home ownership a satisfying one for all our customers,"" said De Tomasi, CFO. ""We believe this direction will further position Commerce Mortgage as a leader in the mortgage services industry.""

Commerce Mortgage is headquartered in San Ramon, California.