Pacific Mercantile Bank Provides $4 Million in Financing to Kineticom
September 20 2017 - 8:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that
the Bank’s Asset-Based Lending Group has extended a $4 million
revolving line of credit to Kineticom Inc., an industry leading
telecommunications and IT staffing agency. In addition to the
financing, Kineticom utilizes a full suite of Pacific Mercantile
Bank’s depository products and cash management services.
Based in San Diego, Kineticom is the global home for top
technical talent, building effective, flexible workforces for
enterprises in a wide range of industries, with a focus on
engagement, retention and growth. With offices throughout the
U.S., Kineticom’s team of industry veterans has over 100 years of
collective experience in IT, wireless and tower, and is uniquely
qualified to fill roles in these highly specialized, ever-evolving
spaces.
“As a staffing agency, we have a unique cash flow cycle that
differs from most other industries,” said Jennifer Hawk, Chief
Financial Officer of Kineticom. “Pacific Mercantile Bank had
experience working with our industry and was able to customize a
credit facility to meet our specific working capital needs.
The line of credit provided by Pacific Mercantile Bank will enable
us to effectively manage our liquidity as we continue to add
clients and grow the business.”
“Kineticom’s commitment to exceeding client expectations has
resulted in long-lasting relationships,” said Tom Vertin, President
and Chief Executive Officer of Pacific Mercantile Bank.
“Since opening its doors in 1999, Kineticom has seen dramatic
growth and now works across 47 states. We are pleased to
support their continued growth and success.”
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 operates a total of nine offices
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 cash 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
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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