COSTA MESA, Calif., Nov. 28, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has increased the financing for Poms & Associates Insurance Brokers (“Poms & Associates”) to $15 million. The $15 million line of credit will be used to support the company’s growth. Poms & Associates also utilizes a broad array of Pacific Mercantile Bank’s cash management services, customized to fit their business needs.
Headquartered in Woodland Hills, California, Poms & Associates is a full-service insurance brokerage and consulting firm offering a broad range of products and services for private, public and institutional entities. Founded in 1991, the firm specializes in Property & Casualty, Employee Benefits, Personal Lines, Risk Management, and Risk Control products and services. With 25 years in business, $49 million in annual revenue, and branch offices across the Western United States, Poms & Associates is a proven resource in providing innovative and cost-effective solutions to manage complex needs.
“The Pacific Mercantile Bank team has provided exceptional customer support and has been a valued partner as we grow our business,” said Matthew Getty, Chief Financial Officer of Poms & Associates. “We delivered excellent results over the last year and the increased credit facility positions us for future growth through acquisitions and investments in new producers, infrastructure, and tools.”
“Poms & Associates is a dynamic company led by a strong management team,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We have been delighted to support their success over the past year, and we are pleased to provide additional financing to help the company further expand and continue its strong momentum.”
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.