Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstrēm, Inc.
December 02 2020 - 8:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has provided an $8.0 million credit facility to Upstrēm, Inc.
(“Upstrēm”), a technological leader in the online reselling of
surplus retail footwear and apparel stocks. In addition to the
financing, Upstrēm utilizes a full suite of Pacific Mercantile
Bank’s depository products and treasury management
services. Upstrēm was referred to Pacific Mercantile
Bank by Corbel Capital Partners, a structured debt and equity fund
that recently made an investment in Upstrēm.
Headquartered in San Diego, Upstrēm is a technology-enabled
liquidator of post-retail soft goods. Working with retailers around
the world, Upstrēm has developed technology to maximize the speed
and efficiency of processing excess goods from its liquidation
partners. With a state-of-the-art fulfillment center in Louisville,
KY, Upstrēm operates across multiple online marketplaces worldwide,
as well as provides a strong and efficient secondary market to
maximize recovery rates and market information for its retail
partners.
“Our success in providing a full-service solution that enables
retailers to maximize their return on challenged inventory has led
to significant growth in our client base,” said Jake Risman, CEO of
Upstrēm. “Having proven our capabilities in the footwear category,
we are now expanding to apparel and significantly increasing our
total addressable market. After Corbel Capital Partners completed
its investment in our company, they introduced us to a bank they
knew could support our continued expansion. Pacific Mercantile Bank
developed a credit facility tailored to our needs and provided
valuable insights through its Horizon Analytics® tool that has
helped inform our plans for further increasing the value of our
company.”
“We have worked with Pacific Mercantile Bank on a number of
deals in the past and we thought they would be the ideal partner to
assist a high growth company that has leveraged its talent and
technology to become a dominant re-commerce player,” said Michael
Jones, Principal of Corbel Capital Partners.
“We appreciate Corbel Capital introducing us to another
exceptional company in their portfolio,” said Rob Parks, Senior
Vice President at Pacific Mercantile Bank. “Working in tandem with
Thomas Fagan from our Asset Based Lending team, we were able to
overcome the disruptions presented by the COVID-19 pandemic and
deliver a customized solution to support Upstrēm’s seasonal working
capital needs. We are very excited about the growth opportunities
available to Upstrēm and we look forward to expanding our
relationship in the future as they continue to enter new markets
and grow their client roster.”
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 middle-market 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.
About Corbel Capital Partners
Corbel Capital Partners is an independent investment firm that
makes non-control investments in the form of creatively tailored
structured debt or equity securities in profitable, lower
middle-market businesses. Corbel manages approximately $500 million
of institutional capital and makes investments which can be used to
facilitate growth, buyout a minority partner, consummate a
strategic acquisition, provide existing owners with near-term
liquidity, or creatively finance and support independent sponsor
buyouts. Corbel also offers differentiated strategic and
operational support traditionally not offered by non-control
investors and allows owners of businesses to retain control equity
positions and the potential for later monetization events. For more
information please visit www.corbelcap.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:Sean FoleyChief Banking
Officer714-277-1495
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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