Exhibit 99.1

FOR IMMEDIATE PRESS RELEASE

PMC Commercial Trust

NYSE Amex (Symbol PCC)

www.pmctrust.com

PMC Commercial Trust (NYSE Amex: PCC) announced first quarter financial results today.

Compared to First Quarter 2011

We recorded a loss from continuing operations for the first quarter of 2012 of $6,000 compared to income from continuing operations of $1,124,000 ($0.11 per share) during the first quarter of 2011. Net income (loss) decreased to a loss of $155,000, ($0.01 per share), during the first quarter of 2012 compared to income of $916,000, or $0.09 per share, for the first quarter of 2011. The primary reason for the decrease in income (loss) from continuing operations and net income (loss) were costs of $850,000 related to the evaluation of strategic alternatives. Income from continuing operations and net income were $844,000 and $695,000, respectively, during the first quarter of 2012 before the impact of these strategic alternative costs. In addition, our revenues decreased $269,000 primarily due to a decrease in recognized premium income.

Compared to Fourth Quarter 2011

Income (loss) from continuing operations for the first quarter of 2012, before costs related to the evaluation of strategic alternatives, decreased to $844,000 from $1,818,000 during the fourth quarter of 2011. The primary causes of the decrease were a reduction in premium income of $536,000, a reduction in net interest income of $136,000, an increase in our provision for loan losses of $377,000 and increases in overhead of $130,000.

Management Remarks

Jan F. Salit, our Chief Operating Officer, stated, “We are optimistic that our recent marketing efforts will result in more robust loan originations for the remainder of 2012 and into 2013. Our pipeline of loan origination commitments has increased over 60% from just over $14 million at year end to over $23 million at March 31, 2012.”

Barry N. Berlin, our Chief Financial Officer, stated, “Our fundamental operations continue to remain steady and relatively consistent. However, the impact of the costs associated with our strategic alternative evaluation process coupled with the impact from the deferral of gain recognition for accounting purposes on certain of our secondary market loan sales has negatively affected our bottom line. Our deferred liability for “risk-free” cash premiums, that we have collected relating to secondary market loan sales, was approximately $2.9 million at March 31, 2012 which is an increase of approximately $465,000 during the first quarter of 2012. Even though not beneficial to current GAAP recognized earnings, we may continue to sell loans in a manner that causes deferral of the gain recognition if the economics of the sale warrant it. We anticipate that the increase in our loan origination pipeline will translate to increased profitability from our lending operations.”

Interest Rate Sensitivity

Financial Position

Portfolio Information

Liquidity

Dividends

2

Financial Position Information

3

PMC Commercial Trust and Subsidiaries

Comparative Results of Operations

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PMC Commercial Trust and Subsidiaries

Quarterly Operating Results

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Taxable Income

REIT Taxable Income:

REIT taxable income is presented to assist investors in analyzing our performance and is a measure that is presented quarterly in our consolidated financial statements and is one of the factors utilized by our Board of Trust Managers in determining the level of dividends to be paid to our shareholders.

The following reconciles net income (loss) to REIT taxable income:

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Combined Taxable Income:

Primarily as a result of the timing differences for gain recognition on Secondary Market Loan Sales, our combined REIT taxable income and TRS’s taxable income (net of income tax expense) is materially different than our net income (loss). The following table reconciles our net income (loss) to our Adjusted Taxable Income, Net of Current Tax Expense:

Adjusted Taxable Income, Net of Current Tax Expense is defined as reported net income (loss), adjusted for book versus tax timing differences and special items. Special items may include, but are not limited to, unusual and infrequent non-operating items. We use Adjusted Taxable Income, Net of Current Tax Expense to measure and evaluate our operations. We believe that the results provide a useful analysis of ongoing operating trends.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company “expects,” “anticipates” or words of similar import. Similarly, statements that describe the Company’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of the Company, real estate conditions and market valuations of its shares, which could cause actual results to differ materially from those currently anticipated. The Company’s ability to meet targeted financial and operating results, including loan originations, operating income, net income and earnings per share depends on a variety of economic, competitive, and governmental factors, including changes in real estate market conditions, changes in interest rates and the Company’s ability to access capital under its credit facility or otherwise, many of which are beyond the Company’s control and which are described in the company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect any changes in expectations, subsequent events or circumstances.

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