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COSTA MESA, Calif., May 09, 2019 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided $5.9 million in financing to RedRock Security & Cabling, Inc. (“RedRock”). In addition to the financing, RedRock utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Headquartered in Irvine, RedRock Security & Cabling is a leader in low voltage technology integration. Founded in 2002, RedRock has completed more than 7,000 projects within the commercial, industrial, residential, hospitality, government and data center markets. RedRock has built a strong reputation as a valuable partner to a diverse roster of clients continually integrating new solutions on the latest IT friendly products, including Tesla, Google Fiber, and The Irvine Company.
“As we were looking at moving our banking relationship, we were referred to Pacific Mercantile Bank by a long-time client of theirs,” said Randy Jara, Partner of RedRock Security & Cabling. “We were very impressed by the speed with which Pacific Mercantile was able to understand our needs and customize a revolving credit line that provides more flexibility than our previous bank line. We also found a great deal of value in Pacific Mercantile’s Horizon Analytics® tool, which has helped us to understand how we measure up to competitors and where we need to focus our attention to generate improved returns and profitability going forward.”
“RedRock just completed a very successful 2018 in which the company increased revenue by 17% and started the third phase of a contract to provide multi-faceted cabling, security, data center, Wi-Fi, and public safety solutions for The Irvine Company’s Santa Clara Square project,” said Lily Dastur, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “RedRock is seeing strong demand in a number of service areas that are expected to generate further growth in 2019. We are very pleased to support the company’s banking needs and help drive its continued success.”
For more information about Pacific Mercantile Bank and its commitment to helping companies succeed, visit www.pmbank.com.
About Pacific Mercantile Bank
Pacific Mercantile Bancorp (NASDAQ: PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients. The Bank is headquartered in Orange County and has seven locations in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. The Bank offers tailored flexible solutions for its clients including an array of loan and deposit products, sophisticated treasury management services, and comprehensive online banking services accessible at www.pmbank.com.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank’s proprietary financial tool that provides a level of insight and analysis uncommon for small- to medium-sized private businesses. Using a proprietary private company database and financial analysis techniques typically available only to large public companies, Horizon Analytics helps businesses understand how their financial performance compares to their competitors and develop a detailed multi-year financial forecast to assist with capital planning and business investment. Through the insight provided by Horizon Analytics, Pacific Mercantile Bank helps its clients navigate challenges, capitalize on opportunities, and look into the future, far beyond a company’s day-to-day activities. Learn more about Horizon Analytics and Pacific Mercantile Bank’s commitment to helping companies succeed at www.pmbank.com/HorizonAnalytics.
This news release contains statements regarding our expectations, beliefs and views about our plans to continue to build our loan portfolio and supporting systems and processes. These statements, which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These risks and uncertainties include, but are not limited to, the following: the impact of interest rates and other external economic factors and competition among financial services providers. We undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" in our most recent Form 10-K and 10-Q reports and to our most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.
Pacific Mercantile Bank Contact:
EVP & Chief Banking Officer