Commerce National to Delay Opening

Commerce National Bank, Fullerton, Calif., said it has decided to terminate the planned opening of its mortgage division.The four-month old bank's president Mark Simmons said "it became clear to us that despite our best efforts we could not project a profitable mortgage operation with the loans we would be permitted to offer to the public." Instead, the bank has elected to create a real estate division and has hired Jo Pedrojetti as senior vice president in charge. Mr. Simmons said, "Jo brings 20 years of experience right here in Orange County in all types of construction lending as well as an expertise in permanent loans on commercial income property, commonly called Mini Perm loans. Adding Jo to our staff gives us the ability to make construction loans on small housing tracts, single-family homes, industrial buildings and office buildings."