8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:  November 29, 2004

Date of Earliest Event Reported: November 26, 2004

NATIONAL MERCANTILE BANCORP

(Exact Name of Registrant as Specified in its Charter)

California
(State or Other Jurisdiction of Incorporation)
0-15982	95-3819685
(Commission File Number)	(I.R.S. Employer Identification No.)
1840 Century Park East , Los Angeles, California	90067
(Address of Principal Executive Offices)	(Zip Code)
(310) 277-2265
(Registrant’s Telephone Number, Including Area Code)
n/a
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Item 8.01. Other Events

National Mercantile Bancorp (the “Company”) has determined that its Series A Noncumulative Convertible Perpetual Preferred Stock (the “Series A Preferred”) is not in compliance with Nasdaq’s continued listing requirements.  In particular, Nasdaq Marketplace Rule 4310(c)(6)(B) requires that for preferred stock to be listed, it must have at least 100 round lot holders as long as the issuer’s common stock is traded on Nasdaq.  The Company’s Preferred Stock has fewer than 100 round lot holders.  The Company has advised the staff of the Nasdaq that it will voluntarily delist the Series A Preferred effective December 1, 2004.

The delisting of the Series A Preferred will not affect the listing of Company’s Common Stock on Nasdaq.

Item 9.01 Financial Statements and Exhibits

(c)  Exhibits.

The following exhibits are filed as exhibits to this Current Report on Form 8-K:

Exhibit No.	Description
99.1	Press Release dated November 26, 2004

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

		NATIONAL MERCANTILE BANCORP
Dated:	November 29, 2004	By:	/s/ DAVID R. BROWN
			David R. Brown
			Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated November 26, 2004

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EX-99.1

Exhibit 99.1

		CORPORATE INVESTOR RELATIONS
		www.stockvalues.com
		206.762.0993
		NEWS RELEASE
National Mercantile Bancorp
Contact: Scott Montgomery, CEO
	(310) 282-6773

NATIONAL MERCANTILE PREFERRED SHARES MOVE TO BULLETIN BOARD
COMMON SHARES REMAIN ON NASDAQ

November 26, 2004 – Los Angeles, CA –  National Mercantile Bancorp’s Series A Preferred stock (Nasdaq:MBLAP) will begin trading on the OTC Bulletin Board on December 1, 2004.  Nasdaq will continue to list the common shares of National Mercantile Bancorp  (Nasdaq: MBLA) on the SmallCap Market.

“Our Series A Preferred shares are held by so few people it no long qualifies for listing on the Nasdaq market,” said Scott Montgomery, President and CEO.   “With fewer than 100 shareholders and very limited trading the change in marketplace should not greatly impact the liquidity of the preferred shares.

“With this change, we also are considering converting all of the Series A preferred stock to common shares in 2005.  The preferred shares have been above their conversion price for some time, and we have been reporting our earnings per share and our book value per share assuming full conversion. As a result, we believe this change will have no impact whatsoever on the trading of our common shares,” Montgomery noted.

Currently there are 666,273 shares of the Series A Preferred stock outstanding, which are convertible at a ratio of two shares of common stock for each share of preferred stock.

National Mercantile Bancorp is the holding company for Mercantile National Bank and South Bay Bank, N.A., members FDIC, with locations in Century City, Encino, Torrance and El Segundo, California. The banks offer a wide range of financial services to the real estate and real estate construction markets, the entertainment industry, the professional, healthcare and executive markets, community-based non-profit organizations, escrow companies and business banking.

This press release contains statements which constitute forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risk and uncertainties.  Actual results may differ materially from the results in these forward-looking statements.  Factors that might cause such a difference include, among other things, fluctuations in trading volume and demand for common and preferred shares of the Company’s stock, the ability of the Company to implement a conversion of its Series A Preferred stock to common shares, interest rates, changes in economic conditions or governmental regulation, credit quality and other factors discussed in the Company’s Annual Report on Form 10-KSB for the year ended December 31, 2003.

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Note: Transmitted on Business Wire on November 26, 2004.