Pacific Mercantile Bank Provides $6.4 Million Credit Facility to Culinary International LLC
June 13 2019 - 08:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has provided a $6.4 million credit facility to Culinary
International LLC consisting of a line of credit and a commercial
term loan. In addition to the financing, Culinary
International utilizes a full suite of Pacific Mercantile Bank’s
depository products and treasury management services.
Based in Vernon, CA, Culinary International makes delicious and
authentic Mexican foods for the co-manufacturing & private
label market. The company is built on long-standing
partnerships with many of the leading national Mexican food brands
and retailers in the United States. For decades, Culinary
International’s products have been sold at major grocery chains,
club stores, and convenience stores across the country.
“Through our new state-of-the art facility in Vernon, we have
been able to expand our capabilities and provide services covering
the entire co-manufacturing cycle – from ideation to manufacturing
to national distribution,” said Cesar Rodarte, Chief Financial
Officer of Culinary International. “The credit facility from
Pacific Mercantile Bank will support the addition of new business
lines and the expansion of our facilities. We were impressed
with Pacific Mercantile Bank’s knowledgeable bankers and their
Horizon Analytics® tool, which gave us powerful insight into the
future of our business. In addition, the experience they have in
the food and beverage industry enabled them to customize a credit
facility that is well suited for our borrowing needs.”
“Over the past forty years, Culinary International has built a
reputation for manufacturing premium specialty foods that meet the
highest expectations for quality and safety,” said Peter Pacheco,
Vice President and Senior Relationship Manager at Pacific
Mercantile Bank. “We are very pleased to provide the
financing it needs to capitalize on its growth opportunities and
reach another level of 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
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