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COSTA MESA, Calif., Feb. 26, 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 $6.9 million credit facility to Country Archer Jerky Company. The credit facility consists of a commercial term loan and a line of credit. In addition to the financing, Country Archer utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. Country Archer was referred to Pacific Mercantile Bank by its private equity sponsor, Monogram Capital Partners.
Headquartered in San Bernardino, Country Archer Jerky Company produces gourmet jerky, meat sticks and meat bars using grass-fed proteins, organic ingredients, and no artificial preservatives. Offering original flavors with widespread appeal, such as Sriracha, Sweet Jalapeno, and Hickory Smoke, Country Archer has become the Number 1 jerky in the natural grocery channel. The line is available in more than 25,000 locations across U.S. and Canada including Whole Foods, Sprouts, Starbucks and Target.
“Over the past few years, we have seen tremendous growth in the Country Archer brand,” said Eugene Kang, CEO of Country Archer Jerky Company. “Our strategy to develop an artisanal heritage brand that makes better-for-you products using classic and traditional flavors has resonated with health-conscious consumers and led to dramatic growth in retail locations and revenue. As we have scaled the company, our financing needs have increased and we needed a banking partner that could share our vision and support our continued growth. Pacific Mercantile Bank has worked with many high growth companies in the food and beverage sector and understands the capital requirements and cash flow cycle associated with developing an international brand. Their team was able to put in place a credit facility that will support our continued expansion into more retail stores and additional product innovation.”
“Country Archer came to us for creative thinking around financing to meet their growth needs,” said Stephen Huelsman, Vice President, Senior Relationship Manager at Pacific Mercantile Bank. “With our experience in the food and beverage space, we knew exactly the type of financing that Country Archer needed. We’re very excited to be a part of their team and to assist the company in continuing to build this premier brand.”
“It’s been a great experience to work with Monogram Capital Partners on this transaction,” said Zach Martin, Senior Vice President at Pacific Mercantile Bank. “Monogram has strong expertise in the consumer packaged goods industry and a long track record of successful investments in this space. We look forward to partnering with them on additional transactions in the future.”
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.
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