COSTA MESA, Calif., Dec. 15, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended $2.3 million in financing to Direct Edge Media consisting of a $1.7 million term loan for acquisition financing and $600,000 in equipment financing. In addition to the financing, Direct Edge Media will utilize a full suite of Pacific Mercantile Bank’s cash management services.
Based in Orange, Direct Edge Media, Inc. is a full service print media shop offering high-end graphic design services and all types of printing services from digital to large format, along with fulfillment and mail house services. Over the past 15 years, Direct Edge Media has become one of the largest print companies in Southern California working with a broad customer base including corporations, non-profits, advertising agencies, and graphic designers. In March 2016, Direct Edge Media completed the acquisition of Great Big Color, a large- and grand-format printing company based in Denver, which advanced the company’s goal to develop a nationwide production footprint to better serve its clients.
“We were not happy with our prior relationships with larger national and regional banks,” said Ryan Brueckner, CEO of Direct Edge Media. “We have built Direct Edge Media by exceeding our clients’ expectations and providing them with expertise that enables their businesses to succeed, and we were looking for a banking partner that could do the same for us. We felt very comfortable with Pacific Mercantile Bank, their commitment to understanding our business, and their ability to support our financial needs as we continue to grow our business.”
“Direct Edge Media has built a sterling reputation for industry leading quality and proprietary client solutions with innovative graphic design, printing and fulfillment,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “With the recent expansion of its production capacity and capabilities, Direct Edge Media is entering an exciting new phase of growth, and we look forward to helping the company continue to build its franchise.”
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.