COSTA MESA, Calif., Dec. 1, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended a multi-million dollar line of credit to New Pride Corporation to help finance the company's operations. In addition to the line of credit, New Pride Corporation will utilize a full array of Pacific Mercantile Bank's treasury management services.
Headquartered in Rancho Dominguez, California, New Pride Corporation manufactures and distributes new and retread tires for heavy duty truck chassis. New Pride Corporation also provides the intermodal industry--encompassing truck, railroad and ocean carrier freight transportation--with a range of services. With six locations across the country, New Pride Corporation serves customers throughout the United States.
"When we decided to look for a new banking relationship, it was important to us to find a bank that we could trust," said Gapseong Noh, Chief Executive Officer of New Pride Corporation. "The bankers at Pacific Mercantile took the time to understand our company and clearly demonstrated that they could positively impact our business. Pacific Mercantile developed a credit facility that is well suited to our business model and provides the flexibility we need to manage our working capital."
"We are very pleased to serve as a trusted financial partner to New Pride Corporation," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "New Pride has a solid business model and excellent growth opportunities, and we look forward to helping the company achieve its financial goals."
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.