Pacific Mercantile Bank Provides a Multi-Million Dollar Credit Facility to Performance Inflatables Company
June 11 2019 - 8:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has provided a multi-million dollar credit facility to
Performance Inflatables Company. In addition to the financing,
Performance Inflatables Company utilizes a full suite of Pacific
Mercantile Bank’s depository products and treasury management
services.
Performance Inflatables provides world class inflatable
solutions for all environments: from subsea, to space, and
everywhere in between. Through state-of-the-art engineering,
innovative manufacturing techniques, and partnership with its
customers, Performance Inflatables provides the right engineered
inflatable solutions that deliver safety and security in the
toughest conditions at an accessible price. For over 30
years, Performance Inflatables companies have provided safe and
reliable products that can endure the harshest conditions for
military, commercial, and consumer applications.
“Performance Inflatables has developed a world-class family of
brands offering innovative solutions to complex engineering
problems ranging from 36,000 feet below sea level in the Mariana
Trench to the expanse of our solar system,” said Yuta Matsui,
Partner at Pinewell Capital, the private equity sponsor of
Performance Inflatables Company. “Over the past several
years, we have acquired and consolidated a number of the leading
performance inflatables companies in the world under the
Performance Inflatables umbrella and created an industry powerhouse
that provides superior products and services to our customers
across the world. Pacific Mercantile Bank has demonstrated a
strong understanding of both our organic and buy-and-build strategy
to develop a leader in this broad space and had the flexibility to
design a credit facility that will support our continued
growth.”
“Pinewell Capital has successfully executed upon its business
consolidation model with Performance Inflatables and built a very
strong position in an attractive market,” said Rob Parks, Senior
Vice President at Pacific Mercantile Bank. “We are excited to
work with such a dynamic company and help it continue to build its
leadership position.”
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.
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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