Pacific Mercantile Bank Provides $6.9 Million in Financing to Country Archer Jerky Company
February 26 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 $6.9 million credit facility to Country Archer
Jerky Company. The credit facility consists of a commercial
term loan and a line of credit. In addition to the financing,
Country Archer utilizes a full suite of Pacific Mercantile Bank’s
depository products and treasury management services. Country
Archer was referred to Pacific Mercantile Bank by its private
equity sponsor, Monogram Capital Partners.
Headquartered in San Bernardino, Country Archer Jerky Company
produces gourmet jerky, meat sticks and meat bars using grass-fed
proteins, organic ingredients, and no artificial preservatives.
Offering original flavors with widespread appeal, such as Sriracha,
Sweet Jalapeno, and Hickory Smoke, Country Archer has become the
Number 1 jerky in the natural grocery channel. The line is
available in more than 25,000 locations across U.S. and Canada
including Whole Foods, Sprouts, Starbucks and Target.
“Over the past few years, we have seen tremendous growth in the
Country Archer brand,” said Eugene Kang, CEO of Country Archer
Jerky Company. “Our strategy to develop an artisanal heritage
brand that makes better-for-you products using classic and
traditional flavors has resonated with health-conscious consumers
and led to dramatic growth in retail locations and revenue.
As we have scaled the company, our financing needs have increased
and we needed a banking partner that could share our vision and
support our continued growth. Pacific Mercantile Bank has
worked with many high growth companies in the food and beverage
sector and understands the capital requirements and cash flow cycle
associated with developing an international brand. Their team
was able to put in place a credit facility that will support our
continued expansion into more retail stores and additional product
innovation.”
“Country Archer came to us for creative thinking around
financing to meet their growth needs,” said Stephen Huelsman, Vice
President, Senior Relationship Manager at Pacific Mercantile
Bank. “With our experience in the food and beverage space, we
knew exactly the type of financing that Country Archer
needed. We’re very excited to be a part of their team and to
assist the company in continuing to build this premier brand.”
“It’s been a great experience to work with Monogram Capital
Partners on this transaction,” said Zach Martin, Senior Vice
President at Pacific Mercantile Bank. “Monogram has strong
expertise in the consumer packaged goods industry and a long track
record of successful investments in this space. We look
forward to partnering with them on additional transactions in the
future.”
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
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