COSTA MESA, Calif., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended $4 million in financing to Kart World Distribution to support the firm’s global expansion. In addition to the financing, Kart World utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services. Pacific Mercantile Bank arranged the financing under the California Loan Guarantee Program, which supports small businesses that will contribute to job growth in the state of California.
Based in Carlsbad, Kart World Distribution is the sole distributor of OTL Italia high quality electric karts to indoor kart racing tracks around the world. In addition to distributing OTL Italia karts and parts, Kart World Distribution also provides a broad array of services to indoor kart tracks ranging from track design to complete branding solutions including custom kart decals, track flags, awards and apparel.
“We were referred to Pacific Mercantile Bank by a customer of ours who was very pleased with the support they received from the Bank in growing their business,” said Christophe Dufour, General Manager of Kart World Distribution. “Pacific Mercantile Bank was already familiar with our industry and was able to quickly understand our business and customize a credit facility that meets our financing needs. Indoor kart racing continues to grow in popularity and OTL Italia electric karts are gaining market share due to their combination of superior performance, lower operating costs and environmentally-friendly emission systems. The new credit facility with Pacific Mercantile Bank will provide us with the financing we need to capitalize on the growth opportunities we are seeing in many countries around the world.”
“Kart World Distribution has established itself as the supplier of choice for electric karts and parts,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited to be working with the company and look forward to supporting the growth of their business in the years ahead.”
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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