COSTA MESA, Calif., June 28, 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 $2 million credit facility to Silver Spur Corporation, consisting of a revolving line of credit. In addition to the financing, Silver Spur Corporation utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services. Silver Spur Corporation was referred to Pacific Mercantile Bank by its private equity sponsor, Meridian General Capital.
Headquartered in Cerritos, Silver Spur Corporation is a leading supplier of specialty glass and plastic bottles and containers to the North American market. Silver Spur serves the nutritional supplement, pharmaceutical, cosmetic, food, beverage, wine, and auto industries with its own proprietary products in every size and shape of containers used in packaging customer products. Since 1978, the company has established a strong reputation for offering high quality colored glass such as amber, cobalt blue, and green in addition to its flint glass products. Silver Spur has its own 115,000+ square foot warehouse where it stocks more than 50 million units of product to maintain short lead times and ensure customers’ immediate satisfaction.
“With the resources provided by Meridian General, we have built upon the strong platform developed over the past 40 years to transform Silver Spur into a dynamic enterprise,” said Ravi Rao, who is the Executive Chairman of Silver Spur Corporation, and is also the Managing Partner of Meridian General Capital. “Pacific Mercantile has been a valuable banking partner as we continue to scale the business. Their team was flexible in structuring a credit facility that will support our financing needs as we capitalize on our growth opportunities and further expand and diversify our product offerings.”
“We appreciate Meridian General Capital providing us with the opportunity to work with Silver Spur Corporation,” said Zach Martin, Senior Vice President at Pacific Mercantile Bank. “Silver Spur has built a strong reputation as a reliable supply chain partner and we look forward to helping the company achieve even greater success 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.
About Meridian General Capital
Meridian General Capital is a private investment firm based in Los Angeles, CA. Established in 2002 Meridian is a full service firm, which acquires and oversees management of the acquired companies until exit to ensure successful outcomes. Meridian General Capital Fund is primarily made up of private and family office capital. It also partners with other private equity groups as co-investment partners for large transactions. Meridian invests in lower middle market companies that have leading positions in their markets and have an established track record of performance and strong management teams. While Meridian is industry agnostic the preferred industry sectors include business services, light manufacturing, distribution, technology, aerospace and aviation services, digital media technologies, telecommunications and travel.
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.
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