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COSTA MESA, Calif., June 11, 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 multi-million dollar credit facility to Performance Inflatables Company. In addition to the financing, Performance Inflatables Company utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Performance Inflatables provides world class inflatable solutions for all environments: from subsea, to space, and everywhere in between. Through state-of-the-art engineering, innovative manufacturing techniques, and partnership with its customers, Performance Inflatables provides the right engineered inflatable solutions that deliver safety and security in the toughest conditions at an accessible price. For over 30 years, Performance Inflatables companies have provided safe and reliable products that can endure the harshest conditions for military, commercial, and consumer applications.
“Performance Inflatables has developed a world-class family of brands offering innovative solutions to complex engineering problems ranging from 36,000 feet below sea level in the Mariana Trench to the expanse of our solar system,” said Yuta Matsui, Partner at Pinewell Capital, the private equity sponsor of Performance Inflatables Company. “Over the past several years, we have acquired and consolidated a number of the leading performance inflatables companies in the world under the Performance Inflatables umbrella and created an industry powerhouse that provides superior products and services to our customers across the world. Pacific Mercantile Bank has demonstrated a strong understanding of both our organic and buy-and-build strategy to develop a leader in this broad space and had the flexibility to design a credit facility that will support our continued growth.”
“Pinewell Capital has successfully executed upon its business consolidation model with Performance Inflatables and built a very strong position in an attractive market,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “We are excited to work with such a dynamic company and help it continue to build its leadership position.”
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