COSTA MESA, Calif., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended $6.8 million in financing to Hoosier Inc. consisting of a revolving line of credit, an equipment term loan, and a commercial real estate loan. In addition to the financing, Hoosier will utilize a full suite of Pacific Mercantile Bank’s cash management products.
Based in Corona, Hoosier is a leading specialty manufacturer for the orthopedic, medical, dental, industrial and aerospace industries. Operating a 63,000 square foot complex fully equipped with high-tech in-house fabrication and manufacturing capability, Hoosier’s broad product portfolio includes parts used in spine, knee, shoulder and hip implant procedures. Hoosier’s aerospace business includes designs for Raytheon, Boeing, and Honeywell, as well as SpaceX products used in the Mars exploration project.
“When we decided to move our banking relationship, Pacific Mercantile was able to provide a creative solution that perfectly suits our needs and provides us with the financing we need to continue growing our business,” said Rob Sims, President and CEO of Hoosier. “I was very impressed with the level of personal attention and value-added consulting that Pacific Mercantile was able to provide and I have moved other business and personal accounts to the Bank as well.”
“Hoosier is a dynamic manufacturing company that is at the forefront of medical implant technology and also seeing strong growth in sales to the defense and aerospace industries,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are very pleased to play a role in supporting the continued growth and success of the company.”
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.