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COSTA MESA, Calif., April 25, 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 $6.5 million credit facility to Survival Systems International, Inc. (“SSI”). In addition to the financing, Survival Systems International utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Headquartered in San Diego, Survival Systems International, Inc. is an innovative lifeboat manufacturing company that provides offshore operators with the equipment, the instruction and the knowledge to achieve a safe evacuation when an emergency occurs on an offshore installation. With 10 service bases worldwide, SSI focuses on marine safety through routine maintenance, overload testing, fast rescue craft maintenance, and onshore/offshore repairs. In 50 years of continuous service to the industry, SSI’s single cable launched survival systems have successfully evacuated over 2,200 offshore personnel in more than 60 emergency incidents. Extending its passion for survival and lifesaving, SSI produces ballistic foam for military helicopters and airplanes to increase survivability. It has developed and grown this market by commencing the production of assemblies, ranging from outer panels to foam cores for rotating blades.
“In evaluating potential banking partners, Pacific Mercantile Bank set themselves apart from the competition by understanding our business needs in a way that no other bank has,” said George Beatty, CEO of Survival Systems International. “Their Horizon Analytics® tool provides great insight into our business and demonstrated Pacific Mercantile Bank’s strong commitment to helping our company succeed. With the support of Pacific Mercantile Bank, we can continue delivering the best lifeboat equipment and training in the industry and ensuring that offshore operators have the tools they need to safely evacuate their personnel in the event of emergencies.”
“Offshore operators around the world rely on Survival Systems International to keep their personnel safe,” said Jeanette Melton, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We are very pleased to support the company and help it to continue its important work to innovate and advance marine safety.”
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