COSTA MESA, Calif., Sept. 09, 2016 (GLOBE NEWSWIRE) — Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced the launch of its Solar and Renewable Energy Lending Group, which will offer specialized financing to companies engaged in sustainable, renewable energy projects across the United States.
“Renewable energy financing is an excellent fit with our commercial banking platform,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We specialize in developing the type of customized, flexible financing solutions required for small-scale renewable energy commercial projects. Capitalizing on the strong demand for renewable energy financing will provide another catalyst for growing our commercial loan portfolio in the years ahead.”
The new lending group will be led by Scott Reising. Mr. Reising previously served as Senior Vice President and Group Head of the Renewable Resources Group (RRG) at Bridge Bank, a division of Western Alliance Bank. As Group Head of RRG, Mr. Reising built a national lending practice focused on developing project financings in the cleantech and renewable energy space. The RRG extended commitments of more than $400 million into the renewable energy market in commercial distributed generation projects, as well as residential portfolios and utility scale projects. Prior to joining Bridge Bank, Mr. Reising worked for a number of large European banks where he was involved in reviewing, analyzing or approving more than $20 billion in structured finance and project finance transactions in the renewable energy space, large infrastructure, and other water and energy transactions. Mr. Reising has an MBA from Thunderbird School of Global Management, a Bachelor’s degree from Santa Clara University, and is a registered professional civil engineer and a certified mediator.
“Scott is a well known authority on project financing in the renewable energy space,” said Robert Anderson, Executive Vice President and Head of Product and Market Development for Pacific Mercantile Bank. “He provides the kind of advisory services and structuring expertise typically offered by larger multi-national banks. This will be a distinct competitive advantage in developing the small-scale financing opportunities that we are targeting. We are very pleased to add Scott to our team.”
About Pacific Mercantile Bank
Pacific Mercantile Bank opened for business March 1, 1999. The Bank, which is FDIC insured and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business owners and business professionals through its combination of traditional banking offices and comprehensive, sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of nine offices in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. In addition, the Bank offers comprehensive online banking services accessible at www.pmbank.com. Pacific Mercantile Bancorp (NASDAQ:PMBC) is the parent holding company of Pacific Mercantile Bank.
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.
CONTACT: Pacific Mercantile Bank Contact: Kittridge Chamberlain EVP & Chief Banking Officer 714-438-2500