Pacific Mercantile Bank Provides $5.9 Million in Financing to RedRock Security & Cabling, Inc.
May 09 2019 - 08:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has provided $5.9 million in financing to RedRock Security &
Cabling, Inc. (“RedRock”). In addition to the financing, RedRock
utilizes a full suite of Pacific Mercantile Bank’s depository
products and treasury management services.
Headquartered in Irvine, RedRock Security & Cabling is a
leader in low voltage technology integration. Founded in
2002, RedRock has completed more than 7,000 projects within the
commercial, industrial, residential, hospitality, government and
data center markets. RedRock has built a strong reputation as
a valuable partner to a diverse roster of clients continually
integrating new solutions on the latest IT friendly products,
including Tesla, Google Fiber, and The Irvine Company.
“As we were looking at moving our banking relationship, we were
referred to Pacific Mercantile Bank by a long-time client of
theirs,” said Randy Jara, Partner of RedRock Security &
Cabling. “We were very impressed by the speed with which
Pacific Mercantile was able to understand our needs and customize a
revolving credit line that provides more flexibility than our
previous bank line. We also found a great deal of value in
Pacific Mercantile’s Horizon Analytics® tool, which has helped us
to understand how we measure up to competitors and where we need to
focus our attention to generate improved returns and profitability
going forward.”
“RedRock just completed a very successful 2018 in which the
company increased revenue by 17% and started the third phase of a
contract to provide multi-faceted cabling, security, data center,
Wi-Fi, and public safety solutions for The Irvine Company’s Santa
Clara Square project,” said Lily Dastur, Vice President and Senior
Relationship Manager at Pacific Mercantile Bank. “RedRock is
seeing strong demand in a number of service areas that are expected
to generate further growth in 2019. We are very pleased to
support the company’s banking needs and help drive its continued
success.”
For more information about Pacific Mercantile Bank and its
commitment to helping companies succeed, visit www.pmbank.com.
About Pacific Mercantile Bank
Pacific Mercantile Bancorp (NASDAQ: PMBC) is the parent holding
company of Pacific Mercantile Bank, which opened for business
March 1, 1999. The Bank, which is an FDIC insured, California
state-chartered bank and a member of the Federal Reserve System,
provides a wide range of commercial banking services to businesses,
business professionals and individual clients. The Bank is
headquartered in Orange County and has seven locations in Southern
California, located in Orange, Los Angeles, San Diego, and San
Bernardino counties. The Bank offers tailored flexible solutions
for its clients including an array of loan and deposit products,
sophisticated treasury management services, and comprehensive
online banking services accessible at www.pmbank.com.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank’s proprietary
financial tool that provides a level of insight and analysis
uncommon for small- to medium-sized private businesses. Using a
proprietary private company database and financial analysis
techniques typically available only to large public companies,
Horizon Analytics helps businesses understand how their financial
performance compares to their competitors and develop a detailed
multi-year financial forecast to assist with capital planning and
business investment. Through the insight provided by Horizon
Analytics, Pacific Mercantile Bank helps its clients navigate
challenges, capitalize on opportunities, and look into the future,
far beyond a company’s day-to-day activities. Learn more
about Horizon Analytics and Pacific Mercantile Bank’s
commitment to helping companies succeed at
www.pmbank.com/HorizonAnalytics.
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.
Pacific Mercantile Bank Contact:Robert
AndersonEVP & Chief Banking Officer714-438-2500
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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