COSTA MESA, Calif., May 23, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended a term loan and commercial line of credit to CASE Systems, Inc. (“CASE”) to support the company’s growth. In addition to the financing, CASE Systems utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Based in Irvine, CASE Systems, Inc. is a leading provider of public safety communication systems that provide reliable voice and text communication wherever there is a need for security solutions. CASE opened its doors in 2008, with a goal to continue manufacturing and supporting the original proven solar powered, wireless emergency call boxes familiar along the highways of California and New York. CASE’s public safety communications systems are utilized on freeways, bridges, tunnels, parking lots, campuses, and industrial complexes, as well as along remote roadways, parks and recreational areas.
“We are seeing many new applications for our products in the public safety market, and it was important for us to find a banking partner that had the financial strength and flexibility to meet our needs for bidding on larger projects,” said Sebastian Gutierrez, President and CEO of CASE Systems, Inc. “Pacific Mercantile Bank provided the financing we need to pursue our growth opportunities, while showing us a level of personal attention that we hadn’t experienced in our prior banking relationships.”
“CASE has created a strong position in the public safety market by providing the most reliable products and maintenance service available,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are very pleased to support their innovative work to broaden the use of solar powered emergency call boxes to improve public safety across the country.”
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.