COSTA MESA, Calif., May 16, 2018 (GLOBE NEWSWIRE) — Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended a $5 million credit facility to Western Shield, consisting of a term loan and a revolving line of credit. In addition to the financing, Western Shield utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Headquartered in Rancho Dominguez, CA, Western Shield provides high end, custom printed labels and packaging for manufacturers, distributors, and brokers throughout the United States, Mexico and Canada. With a 27,000 square foot manufacturing plant, Western Shield specializes in producing expanded content labels, instant redeemable coupons, and 10 color work. Since its founding in 1970, Western Shield has expanded its capabilities to serve a wide variety of industries including cosmetics, food and beverage, and consumer packaged goods, among many others.
“We met with a number of banks as we lined up financing for an attractive acquisition opportunity,” said Nizar Elias, Chief Executive Officer of Western Shield. “We were impressed with Pacific Mercantile’s understanding of our company and their flexibility in tailoring a credit facility that supports both our organic and acquisitive growth. We anticipate additional acquisition opportunities in the future and Pacific Mercantile has the lending capacity and breadth of financial solutions to accommodate our borrowing needs in the future.”
“Western Shield has a nearly 50-year history of prudently expanding its business and growing its customer base,” said Frank Abraham, Executive Vice President and Head of Relationship Banking at Pacific Mercantile Bank. “We look forward to expanding our relationship with Western Shield as it requires additional acquisition financing in the future.”
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 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 Anderson
EVP & Chief Banking Officer
714-438-2500