Pacific Mercantile Bank Provides New Credit Facility to ARGOS Material Distribution
November 15 2017 - 8:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that
it has extended a $5 million senior credit facility to ARGOS
Material Distribution, the second time in which PMB has increased
the amount of credit available to ARGOS since initiating the
relationship in 2014. In addition to the financing, ARGOS also
utilizes Pacific Mercantile Bank’s depository products, treasury
management services and corporate credit card.
Based in Chino, ARGOS Material Distribution distributes
construction building materials to regional and local customers
with a commitment to building long lasting business relationships
and a reputation for focused service. ARGOS provides relevant
expertise and an attentive business model that endeavors to exceed
customer expectations. ARGOS’ executive team’s years of experience,
coupled with the company’s commitment and integration of modern
efficiency technologies, create a customer experience that fosters
long-term business partnerships. In June 2017, Houston-based Action
Gypsum Supply acquired a majority interest in ARGOS, with a joint
announcement that “this strategic move reinforces both Action’s and
ARGOS’ position as dominant independent players in each of their
respective markets.”
“Pacific Mercantile Bank has been a valued partner over the past
three years, as we have increased revenue tenfold,” said Al Jordan,
President of ARGOS Material Distribution. “PMB has been extremely
flexible in working with us to manage the dramatic growth we have
experienced, and their Horizon Analytics® data has helped us
understand the most efficient and profitable ways to operate and
finance the business. We are very excited about the increased
opportunities we have to grow our business as a result of our
partnership with Action Gypsum Supply and we are pleased that PMB
will continue to be a part of our team in the future.”
“ARGOS has achieved tremendous success over the past three years
and is well positioned to take the company to the next level
through its partnership with Action Gypsum Supply,” said Tom
Vertin, President and Chief Executive Officer of Pacific Mercantile
Bank. “We are pleased to increase the amount of financing to
support ARGOS’ continued growth and look forward to helping the
company reach new heights.”
About Pacific Mercantile Bank
Pacific Mercantile Bank opened for business March 1, 1999. The
Bank, which is FDIC insured and a member of the Federal Reserve
System, provides a wide range of commercial banking services to
businesses, business owners and business professionals through its
combination of traditional banking offices and comprehensive,
sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of
seven offices in Southern California, located in Orange, Los
Angeles, San Diego, and San Bernardino counties. In addition, the
Bank offers comprehensive online banking services accessible at
www.pmbank.com. Pacific Mercantile Bancorp (NASDAQ:PMBC) is the
parent holding company of Pacific Mercantile Bank.
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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