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COSTA MESA, Calif., Feb. 20, 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 $4.4 million credit facility to Powder Coat Services, LLC (“PCS”). The credit facility consists of a commercial term loan and a revolving line of credit. In addition to the financing, PCS utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. PCS was referred to Pacific Mercantile Bank by its private equity sponsor, Meridian General LLC, which acquired the company in 2016.
Based in Anaheim, Powder Coat Services, LLC is an industrial finishing company specializing in electrophoretic deposition (EPD) and powder coating. Founded in 1981, PCS is a pioneer in OEM and job shop powder coating, an environmentally sound method of painting metal commercial parts that has become one of the most protective common finishes. With four production lines, PCS is able to coat products of every shape, size, color, and dimension for use in industries such as automotive, construction, electrical, hardware, and military among many others. PCS also offers customer-tailored value-added services including tube bending, fastener installation, light manufacturing, final assembly, complete packaging, and supply chain management.
“PCS has utilized the resources provided by Meridian General to build a dynamic industrial services enterprise and position the company to reach a new level of growth,” said Ravi Rao, CEO of Meridian General and Chairman of PCS. “Pacific Mercantile Bank has provided valuable support to other companies in our portfolio and was able to quickly understand PCS’ business plan and create a solution that will support our continued process innovation, investments for growth in plant capacity and expansion into new markets.”
“PCS has established a strong reputation for offering high quality, customized value-added services as a key link in the supply chain of its blue-chip customers,” said J. Thomas Fagan, Vice President at Pacific Mercantile Bank. “In addition to meeting PCS’ financing needs, we had the opportunity to help their management team with our proprietary Horizon Analytics® methodology, which is built to help Clients better assess strengths and competitive position. We also provided assessments of how planned future investments in various areas of their operations would impact the success of their business.”
“We appreciate Meridian General providing us with the opportunity to work with another of their portfolio companies,” said Zach Martin, Senior Vice President at Pacific Mercantile Bank. “Meridian’s investment track record for driving profitable growth positions their portfolio companies to be highly desirable clients for Pacific Mercantile Bank.”
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.
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EVP & Chief Banking Officer