COSTA MESA, Calif., March 15, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended $4.7 million in financing to Superior Pavement Markings. The financing consists of an equipment loan, a revolving line of credit, and an owner-occupied commercial real estate loan originated under the California State Small Business Loan Guarantee Program. In addition to the financing, Superior Pavement Markings utilizes a full suite of Pacific Mercantile Bank's depository products, cash management services and commercial credit card. Headquartered in Ontario, Superior Pavement Markings is a full service striping company offering various pavement marking and removal operations. With specialized equipment and experienced personnel for all types of projects, Superior Pavement Markings stripes streets, parking lots, bike trails, and military bases throughout Southern California. The company's clients consist of cities, counties, paving contractors and developers from San Diego to Ventura. "As California devotes more funding to infrastructure, we are seeing strong demand for our striping services," said John Lucas, President of Superior Pavement Markings. "In order to capitalize on the growth opportunities available in California, we needed a bank that could be flexible and creative in meeting our financing needs. We were impressed with Pacific Mercantile Bank's resourcefulness in developing a financing solution that supports our expansion plans. With the financing provided by Pacific Mercantile, we have the flexibility to invest in the equipment and facilities that will enable us to continue growing the company in the years ahead." "With our experience in the specialized transportation construction industry, we were able to quickly understand Superior Pavement Markings' business model and recognize the strong growth opportunities they have in California," said Mark Martinez, Senior Vice President and Regional Manager Ontario Region of Pacific Mercantile Bank. "We were pleased to develop a customized credit facility to support their working capital needs, as well as utilize the California State Small Business Loan Guarantee Program to secure the financing for a new building to expand their operations."
About Pacific Mercantile BancorpPacific 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 cash management services, and comprehensive online banking services accessible at www.pmbank.com. Forward-Looking Information 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:Robert AndersonEVP & Chief Banking Officer714-438-2500