Exhibit 99.1

FOR IMMEDIATE PRESS RELEASE

PMC Commercial Trust Announces Third Quarter and Year-to-Date Financial Results

PMC Commercial Trust

NYSE MKT (Symbol PCC)

www.pmctrust.com

PMC Commercial Trust (NYSE MKT: PCC) announced third quarter and year-to-date financial results today.

Compared to Third Quarter 2011

Our income from continuing operations for the third quarter of 2012 was $645,000 ($0.06 per share) compared to income from continuing operations of $1,232,000 ($0.12 per share) during the third quarter of 2011. Net income decreased to $473,000 ($0.04 per share) during the third quarter of 2012 compared to income of $733,000 ($0.07 per share) for the third quarter of 2011. The primary reason for the decrease in income from continuing operations and net income were costs of $1,421,000 related to the evaluation of strategic alternatives incurred during the third quarter of 2012. The decrease caused by the strategic alternative costs was partially offset by a $1,055,000 increase in revenues. During the third quarter of 2012 our premium income generated from selling the government guaranteed portion of our SBA 7(a) loans increased by $554,000 compared to the third quarter of 2011 and our other income increased by $282,000 primarily due to prepayment fees received on loan prepayments during the third quarter of 2012. Income from continuing operations and net income were $2,066,000 and $1,894,000, respectively, during the third quarter of 2012 before the impact of strategic alternative costs.

Compared to Year-to-Date 2011

Our 2012 year-to-date income from continuing operations decreased to $546,000 ($0.05 per share) from income of $3,591,000 ($0.34 per share) during the nine months ended September 30, 2011. Our 2012 year-to-date net income (loss) decreased to a loss of $97,000 (($0.01) per share) from net income of $2,988,000 ($0.28 per share) during the nine months ended September 30, 2011. The primary reason for the decrease in income from operations and net income were the costs of $3,623,000 related to the evaluation of strategic alternatives. Income from continuing operations and net income were $4,169,000 and $3,526,000, respectively, during the nine months ended September 30, 2012 before the impact of strategic alternative costs.

Compared to Second Quarter 2012

Our third quarter 2012 income from continuing operations increased to $645,000 compared to a loss from continuing operations of $93,000 during the second quarter of 2012. The primary reason for the increase in income from continuing operations was a $900,000 increase in revenues. Our premium income generated from selling the government guaranteed portion of our SBA 7(a) loans was $518,000 higher during the third quarter of 2012 compared to the second quarter of 2012. In addition, our other income increased by $254,000 primarily due to prepayment fees received on loan prepayments during the third quarter of 2012.

Strategic Alternatives

As noted above, costs related to the evaluation of strategic alternatives were $1,421,000 and $3,623,000 during the three and nine months ended September 30, 2012, respectively. As announced October 26, 2012, the special committee and the Board of Trust Managers (the “Board”) determined, in connection with the strategic alternatives evaluation process, that it was in the best interests of the shareholders to continue to operate as an independent entity and focus aggressively on developing an expanded business plan to improve operating performance and long-term growth potential. Upon the recommendation of the special committee, the Board suspended the formal strategic alternatives process. Consequently, the special committee is expected to be dissolved during the fourth quarter of 2012. Due to the expected dissolution, we anticipate that strategic alternative expenses during the fourth quarter of 2012 will be significantly less than the third quarter of 2012.

Departure of Chief Executive Officer

During the fourth quarter of 2012, we will record a one-time severance charge of approximately $2.2 million relating to a separation agreement with our Chief Executive Officer, Lance B. Rosemore. This severance charge represents payments due Mr. Rosemore pursuant to his separation agreement. Jan F. Salit, previously our Chief Operating Officer and Chief Investment Officer, has been promoted to Chief Executive Officer.

Management Remarks

Jan F. Salit, Chief Executive Officer, stated, “We have concluded our review of potential strategic alternatives and the vast majority of the costs related to the process are behind us. However, our fourth quarter will also include the impact of the one-time severance charge of approximately $2.2 million.

“We funded $27.6 million of SBA 7(a) loans in the nine months ended September 30, 2012 compared to $21.4 million in the same period last year. Total fundings grew from $23.9 million to $40.5 million during the same periods. Due to this increased lending activity in our SBA 7(a) product combined with the solid market for investors in the government guaranteed portion of SBA 7(a) loans, our premiums from selling the guaranteed portions have increased. This in turn has benefitted our bottom line as we have recognized the majority of these premiums as income during the third quarter of 2012.

“We continue to be affected by the extremely low levels of interest rates as 82% of our portfolio is floating rate. When variable rates rise, our revenues will increase from the increased level of interest we will receive on our variable rate portfolio.

“Fundamental operations remain solid as we continue to focus on our core SBA 7(a) lending business. Moving forward we will continue to operate as an independent entity and focus on an expanded business plan to improve operating performance and long-term growth potential. Our initial efforts will concentrate on increasing the average loan size and quality of our SBA 7(a) originations while at the same time evaluating possible complimentary opportunities.”

Interest Rate Sensitivity

2

Financial Position

Loan Origination Information

Liquidity

Dividends

3

Financial Position Information

4

PMC Commercial Trust and Subsidiaries

Comparative Results of Operations

5

PMC Commercial Trust and Subsidiaries

Quarterly Operating Results

6

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 in determining the level of dividends to be paid to our shareholders.

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

7

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 (Loss), Net of Current Tax Expense:

Adjusted Taxable Income (Loss), 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 (Loss), Net of Current Tax Expense to measure and evaluate our operations. We believe that the results provide a useful analysis of ongoing operating trends.

8

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.

9