Loading, Please Wait...
COSTA MESA, Calif., July 31, 2019 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $10.0 million credit facility to Mercury GSE. In addition to the financing, Mercury GSE utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Based in Santa Fe Springs, Mercury GSE handles ground support equipment rentals worldwide for the aviation industry. As part of the company’s worldwide distribution service, Mercury GSE handles parts from America’s finest ground support equipment manufacturers, including JBT/FMC Aerotech (FMC), TLD America, NMC Wollard, Tug Technologies, Clyde Machines and Wasp. Mercury GSE specializes in larger items such as loaders, aircraft tow tractors and air starters. The company’s large inventory of in-stock equipment, which is available for long-term rent enables it to offer GSE rentals to major carriers’ expansion routes, as well as start-up operations and ground handlers. Mercury has the right equipment for any aircraft at very affordable rates.
“Our commitment to providing the highest quality equipment and best customer service in the industry has helped us to become the largest ground support rental company in the Western United States,” said Jason Gendron, CEO of Mercury GSE. “Pacific Mercantile Bank has strong experience in the equipment rental space, which enabled their team to quickly understand our business model and customize a revolving term loan facility to meet our financial needs and growth goals. We also received a great deal of value from the insight they provided on our business model and growth strategies through their Horizon Analytics® tool. With our new credit facility in place, we can focus on further expansion and growing our business in the coming years.”
“With over 40 years of experience, Mercury GSE has steadily expanded its capabilities and can deliver equipment anywhere in the United States, Canada, Mexico, Europe and Asia,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “Mercury GSE has built a strong position in the equipment rental industry and we look forward to helping the company achieve even greater success in the future.”
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