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COSTA MESA, Calif., June 13, 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 $6.4 million credit facility to Culinary International LLC consisting of a line of credit and a commercial term loan. In addition to the financing, Culinary International utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Based in Vernon, CA, Culinary International makes delicious and authentic Mexican foods for the co-manufacturing & private label market. The company is built on long-standing partnerships with many of the leading national Mexican food brands and retailers in the United States. For decades, Culinary International’s products have been sold at major grocery chains, club stores, and convenience stores across the country.
“Through our new state-of-the art facility in Vernon, we have been able to expand our capabilities and provide services covering the entire co-manufacturing cycle – from ideation to manufacturing to national distribution,” said Cesar Rodarte, Chief Financial Officer of Culinary International. “The credit facility from Pacific Mercantile Bank will support the addition of new business lines and the expansion of our facilities. We were impressed with Pacific Mercantile Bank’s knowledgeable bankers and their Horizon Analytics® tool, which gave us powerful insight into the future of our business. In addition, the experience they have in the food and beverage industry enabled them to customize a credit facility that is well suited for our borrowing needs.”
“Over the past forty years, Culinary International has built a reputation for manufacturing premium specialty foods that meet the highest expectations for quality and safety,” said Peter Pacheco, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We are very pleased to provide the financing it needs to capitalize on its growth opportunities and reach another level of 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.
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EVP & Chief Banking Officer