Pacific Mercantile Bancorp (NASDAQ:PMBC)
Historical Stock Chart
1 Year : From Oct 2018 to Oct 2019
DENVER, March 7, 2019 /PRNewswire/ -- P2Binvestor (P2Bi), a leading marketplace alternative lender that offers crowdsourced, asset-secured lines of credit to growing companies, announced today that it has collaborated with Pacific Mercantile Bank to offer custom-tailored lines of credit to California based businesses. The first such business to benefit from this newly formed fintech and bank relationship was a company with over $10 million in back-orders that was having difficulty funding its working capital cash-flow needs to purchase raw materials and supplies to fulfill orders.
"As a Bank focused on 'Helping Companies Succeed,' we sought an innovative fintech partner to help us customize a loan structure aimed at solving a cash-flow challenge for an important client," said Thomas J. Inserra, Pacific Mercantile Bank's Chief Credit Officer. Inserra added, "we selected P2Binvestor for two reasons: 1) Our shared company purposes focus on helping companies succeed and; 2) P2Binvestor's innovative technology solutions and willingness to work collaboratively to provide a custom-tailored solution engineered specifically for this client."
"P2Binvestor is dedicated to providing flexible, scalable financing to up-and-coming businesses across the country. Our collaboration with Pacific Mercantile Bank is further validation of our unique ability to enhance a bank's C&I product offerings," said Krista Morgan, co-founder and CEO of P2Bi. "Our proprietary technology, combined with Pacific Mercantile Bank's record of success, is a perfect pairing to finance even more businesses in the Southern California area."
Pacific Mercantile Bank is the third bank to join P2Bi's unique joint funding program. P2Bi's collaboration with Pacific Mercantile Bank helps to create new financing opportunities for businesses in the largest and fastest-growing small and mid-size business markets in the country.
P2Bi's partnership program is a testament to the fact that banks and fintech companies are continuing to find more ways to not only co-exist, but collaborate to increase efficiency and provide a better offering to clients. A major goal of the program is to provide small and midsize businesses with a long-term capital strategy where they never need to change lenders and can remain on one technology platform no matter how large their company grows.
In addition to adding Pacific Mercantile Bank to its roster of bank partners, P2Bi is working with current partners to test a white labeled technology offering that banks can use to service their commercial borrowers and program graduates on the same platform.
For more information on P2Binvestor, visit its website at https://www.p2bi.com/, and to learn more about Pacific Mercantile Bank, visit https://www.pmbank.com/.
P2Binvestor (P2Bi) is a Denver-based crowd lending platform for working capital that offers businesses a middle path between hard-to-get bank financing and expensive subprime lending. Through technology and with a crowd of accredited investors, P2Bi simplifies lending and provides efficient, competitively priced growth capital to small and medium businesses.
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.
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