PMC Comm, PMC Cap to Merge

PMC Commercial Trust and PMC Capital Inc., both headquartered in Dallas, have announced a merger agreement under which PMC Capital will be merged into PMC Commercial.Each issued and outstanding share of PMC Capital common stock will be converted into 0.37 of a share of PMC Commercial common stock, the companies said. Andrew S. Rosemore, chairman of PMC Commercial, said the merger will provide "a larger asset and equity base" that is expected to boost future growth. "Becoming a self-directed, instead of externally managed, REIT is a significant development in our ability to expand our investment parameters," Mr. Rosemore said. PMC Commercial is a real estate investment trust that specializes in originating commercial real estate loans to the hospitality industry. PMC Capital, a closed-end management company, can be found online at http://www.pmccapital.com.