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COSTA MESA, Calif., Sept. 03, 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 $5.3 million credit facility to 3LB Restaurant Concepts (“3LB”) to restructure the company’s existing debt and support its continued expansion. In addition to the financing, 3LB utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Founded in 2007, 3LB Restaurant Concepts operates six restaurants and two craft breweries in North San Diego County including Urge American Gastropub, Urge Common House, and Mason Ale Works. Having initially started with a wine bar and bistro concept, 3LB’s success has led to the opening of a gastropub concept, a gourmet deli, a high quality coffee concept, a small commercial bakery and a brewery with many more plans for the future.
“By focusing on providing guests with high-end dining and imbibing options at value driven prices, we have continually introduced new concepts that have resonated well with our target market,” said Zak Higson, CEO of 3LB Restaurant Concepts. “We believe we have excellent opportunities to continue our expansion and we were impressed with Pacific Mercantile Bank’s ability to support our vision. In addition to providing a customized credit facility to meet our financing needs, Pacific Mercantile Bank’s Horizon Analytics® tool was extremely valuable in helping us evaluate various growth scenarios and identify the strategy that will be most beneficial to growing the value of our company in the coming years.”
“It’s been a pleasure to work with 3LB and understand their vision for opening additional restaurants that have their own personality and reflect the communities in which they are located,” said Jeremy Schmidt, Vice President at Pacific Mercantile Bank. “We look forward to supporting their future growth and helping the company reach a new level of success.”
“We would like to thank Innovative Capital for introducing us to 3LB,” said Ross Macdonald, Senior Vice President and Regional Manager at Pacific Mercantile Bank. “They recognized that our experience in the food and beverage industry and the value we could provide with Horizon Analytics made us an ideal banking partner for 3LB.” Innovative Capital is a San Diego commercial and industrial loan brokerage combined with in-house private capital.
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