Pacific Mercantile Bank Provides Financing to Mako Steel
December 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 credit facility to Mako Steel. The credit
facility supplements the recent investment in Mako Steel made by
New State Capital Partners, as well as provides for ongoing working
capital needs. In addition to the financing, Mako Steel
utilizes a full suite of Pacific Mercantile Bank’s depository
products and treasury management services.
Founded in 1993, Mako Steel designs, supplies, and installs
steel buildings for the self-storage industry. Their services
include the design and construction of single-story, multi-story,
conversions, custom buildings, auto, boat, & RV storage,
building components, container storage, engineering services, metal
buildings, mobile, portable & container storage, and roofing.
Based in Carlsbad, California, Mako Steel has operations
located throughout the country and specializes in working with
first-time customers. Mako Steel was named "Best Builder"
five years in a row by Inside Self-Storage.
“We are very excited about partnering with New State Capital
Partners and taking our business to the next level,” said Caesar
Wright, CEO of Mako Steel. “Pacific Mercantile Bank played an
integral role in this transaction. Their team was able to
quickly understand our business model and customize a credit
facility that will enable us to continue investing in our business
and capitalize on the strong growth opportunities that we are
seeing across the country.”
“Mako Steel has built a leadership position in the high growth
market for commercial and residential storage,” said Josh
Skevington, Senior Operating Partner of New State Capital
Partners. “We previously worked with Pacific Mercantile Bank
on the financing for another one of our portfolio companies. When
the opportunity arose with Mako Steel, we knew that Pacific
Mercantile Bank could provide the quick turnaround that we needed
to meet our timeline for completing this transaction.”
“We appreciate New State Capital Partners bringing us in on
another one of its transactions,” said Rob Parks, Senior Vice
President at Pacific Mercantile Bank. “The firm has a long
track record of adding value to its portfolio companies and we
expect Mako Steel to continue to flourish as a result of its
partnership with New State Capital Partners.”
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:Frank
AbrahamEVP, Head of Relationship Banking714-277-1495
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