COSTA MESA, Calif., Nov. 14, 2018 (GLOBE NEWSWIRE) — Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $5.0 million credit facility to Egide USA (“Egide”), consisting of a revolving line of credit and commercial term loan. In addition to the financing, Egide USA utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. Egide USA was referred to Pacific Mercantile Bank by its sister company Santier, an existing client of the Bank.
Egide is a leading supplier of hermitic packages for sensitive electronic components utilized in high tech applications such as thermal imaging surveillance, security, and sensing. The company operates in cutting edge markets with strong technology barriers to entry in critical industry segments such as space, defense, security, aeronautics, telecommunications, and energy.
“Pacific Mercantile Bank has proven to be a great banking partner for Santier and we are happy to expand our relationship,” said James F. Collins, CEO of Egide USA. “Pacific Mercantile understands our industry and business model well and was able to deliver on their promise to customize a credit facility that fit our specific needs. As a dynamic company serving multiple international markets, our financial needs are constantly changing and it’s valuable to have a flexible partner like Pacific Mercantile Bank that can work with us as we continue to evolve and grow our business.”
“While working with Santier, we have seen the strong synergies that have been created through its combination with Egide,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “We are very pleased to have the opportunity to work with Egide to further the success of the entire company.”
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.
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 Anderson
EVP & Chief Banking Officer
714-438-2500