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COSTA MESA, Calif., Feb. 14, 2019 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $9.75 million credit facility to Cambelt International. In addition to the financing, Cambelt International utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. Cambelt International was referred to Pacific Mercantile Bank by its private equity sponsor, Five Crowns Capital, which recently acquired the company.
Cambelt International is a major supplier to the mining, chemical processing, cement, transportation, pulp and paper, metals, rubber, hazardous waste disposal, and many other industries whose standards demand the finest conveying equipment available. Decades of innovative design and engineering are built into Cambelt International bulk materials handling products. Founded by David R. Campbell, Cambelt International Corporation has grown from a relatively small manufacturer of high incline, totally enclosed Cambelt conveyor systems to emerge today as a recognized leader in the field of manufactured bulk materials handling equipment.
“Cambelt International is committed to providing exceptional value, producing innovative designs and building long-term customer relationships to become a trusted supplier to many industries that require high quality, reliable conveying equipment,” said David McReynolds, Managing Partner at Five Crowns Capital. “Pacific Mercantile Bank’s experience working with private equity sponsors and manufacturing companies enabled their team to efficiently conduct their due diligence and put together a credit facility that met the needs of all parties. The credit facility facilitated our investment in the company, while also giving Cambelt the financing needed to continue growing the business and creating value for its stakeholders.”
“We appreciate Five Crowns Capital providing us the opportunity to work with their firm and Cambelt International on this transaction,” said Zach Martin, Senior Vice President at Pacific Mercantile Bank. “We look forward to supporting Cambelt in the future and helping it achieve further financial 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.
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