Pacific Mercantile Bank Provides $5.3 Million Credit Facility to 3LB Restaurant Concepts
September 03 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 $5.3 million credit facility to 3LB Restaurant
Concepts (“3LB”) to restructure the company’s existing debt and
support its continued expansion. In addition to the financing, 3LB
utilizes a full suite of Pacific Mercantile Bank’s depository
products and treasury management services.
Founded in 2007, 3LB Restaurant Concepts
operates six restaurants and two craft breweries in North San Diego
County including Urge American Gastropub, Urge Common House, and
Mason Ale Works. Having initially started with a wine bar and
bistro concept, 3LB’s success has led to the opening of a gastropub
concept, a gourmet deli, a high quality coffee concept, a small
commercial bakery and a brewery with many more plans for the
future.
“By focusing on providing guests with high-end
dining and imbibing options at value driven prices, we have
continually introduced new concepts that have resonated well with
our target market,” said Zak Higson, CEO of 3LB Restaurant
Concepts. “We believe we have excellent opportunities to continue
our expansion and we were impressed with Pacific Mercantile Bank’s
ability to support our vision. In addition to providing a
customized credit facility to meet our financing needs, Pacific
Mercantile Bank’s Horizon Analytics® tool was extremely valuable in
helping us evaluate various growth scenarios and identify the
strategy that will be most beneficial to growing the value of our
company in the coming years.”
“It’s been a pleasure to work with 3LB and
understand their vision for opening additional restaurants that
have their own personality and reflect the communities in which
they are located,” said Jeremy Schmidt, Vice President at Pacific
Mercantile Bank. “We look forward to supporting their future growth
and helping the company reach a new level of success.”
“We would like to thank Innovative Capital for
introducing us to 3LB,” said Ross Macdonald, Senior Vice President
and Regional Manager at Pacific Mercantile Bank. “They recognized
that our experience in the food and beverage industry and the value
we could provide with Horizon Analytics made us an ideal banking
partner for 3LB.” Innovative Capital is a San Diego commercial and
industrial loan brokerage combined with in-house private
capital.
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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