COSTA MESA, Calif., Dec. 06, 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 million in financing to Applied Membranes, Inc. (“AMI”) consisting of a $5 million commercial line of credit and a $1 million term loan. In addition to the financing, AMI will utilize a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Based in Vista, California, Applied Membranes is a manufacturer and distributor of reverse osmosis membranes, systems and components for commercial and residential use. Manufacturing under the AMI brand for more than 30 years, the company has built a reputation for high quality and superior performance across a broad selection of water treatment components including water quality monitors and controllers, pressure gauges, and flow meters. With more than 10,000 commercial/industrial systems in operation, AMI is one of the few companies in the water treatment industry with the expertise to provide reverse osmosis systems for drinking water, boiler feed water, seawater, desalination, ultrapure water, USP water, and water reuse.
“We needed a bank that could provide a credit facility that was tailored to our cash flows and sales cycle, rather than the ‘off-the-shelf’ financing that we were offered by other banks,” said Dr. Gil Dhawan, President of AMI. “Pacific Mercantile demonstrated a strong understanding of our business model and developed a customized credit facility that provides the flexibility we need to support the expansion of our business. They have also demonstrated a commitment to being a true partner and trusted advisor by introducing us to resources that can help us operate more efficiently.”
“AMI has built a long track record as an innovator and leader in the field of reverse osmosis,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited to be working with the company and support the continued growth of their operations.”
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
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