COSTA MESA, Calif., March 11, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that it has provided approximately $6 million to Otay Mesa Sales, Inc. for the refinancing of equipment loans. The recent equipment refinancing expands Pacific Mercantile's ongoing relationship with Otay Mesa Sales, which included a $7.4 million SBA 504 loan to finance a new 140,000 square-foot building and a $2 million working capital credit facility, which were extended during the first half of 2014.
Otay Mesa Sales, Inc. has been a trusted source for construction rental equipment and affordable, new construction equipment sales for more than 15 years. The company specializes in the sale and rental of used construction and industrial equipment from a wide selection of manufacturers and carries more than 2,000 units in stock. Headquartered in San Diego, Otay Mesa Sales ships to all 50 states, Canada, Mexico and worldwide.
"Pacific Mercantile Bank has supported our company for years and has really stepped up to help us implement our expansion plans," said Christopher Merziotis, President of Otay Mesa Sales, Inc. "The Bank is a financial partner that has truly added value to our business. The team at Pacific Mercantile Bank has really taken the time to understand our company, and they have consistently provided valuable advice and developed customized financial solutions that meet our needs."
"Otay Mesa Sales is an incredible story of entrepreneurial success and has grown into one of the largest sellers of forklifts and heavy equipment in the Southwestern United States," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "We are very pleased that we can expand our relationship with the company and help support their continued growth."
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 financial centers and comprehensive, sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of nine banking 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.