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COSTA MESA, Calif., Sept. 04, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $2.5 million revolving line of credit to Karish Industries. In addition to the financing, Karish Industries utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Headquartered in Orange, CA, Karish Industries is an electrical cable distributor that focuses primarily on the street lighting, fire alarm, and fiber optic cable markets. Founded in 1993, Karish Industries has developed a strong, loyal customer base due to its product knowledge, timely delivery, fair pricing, and outstanding customer service. The company works with customers all across the United States and has vendor relations in numerous product lines, enabling its customers to receive great service and pricing.
“Our previous credit facility with another bank proved to be too restrictive and limited our ability to invest in new growth opportunities,” said Steve Brodock, CEO of Karish Industries. “Pacific Mercantile Bank worked hard to understand our cash flow cycle and customize a line of credit that enables us to access the financing we need to support the growth of our business. We are also looking forward to leveraging the bank’s Horizon Analytics®to help us better assess the financial impact of investments we are making in various areas of our operations.”
“Karish Industries has combined superior pricing, product availability and customer service to consistently grow its customer base and expand into new markets,” said Mark Martinez, Senior Vice President and Regional Manager at Pacific Mercantile Bank. “The company has a strong business model and excellent management, and we are pleased to support their continued success.”
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 cash 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.
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EVP & Chief Banking Officer