Pacific Mercantile Bank Provides $4 Million Credit Facility to SynergEyes, Inc.
December 06 2018 - 8:00AM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has provided a $4.0 million credit facility to SynergEyes, Inc.
consisting of a revolving line of credit and commercial term
loan. In addition to the financing, SynergEyes utilizes a
full suite of Pacific Mercantile Bank’s depository products and
treasury management services.
SynergEyes is a high-performance, advanced technology specialty
contact lens company focused on independent eye care professionals.
SynergEyes prides itself in providing over 10,000 eye care
professionals products that deliver exceptional vision to their
patients across the globe. Together with the support of
independent eye care professionals, SynergEyes seeks to innovate
and offer products and services to help transform vision for
patients with astigmatism, presbyopia and irregular cornea
conditions. SynergEyes recently launched SimplifEyes 1Day lens, a
hydrogel lens manufactured with advanced Tangible Science
polymers. The new lens is accompanied by a software system
with a subscription service that helps eye care practices offer
online ordering and payment of contact lenses. The
Mycontactlens.com software can be practice-branded providing their
customers the convenience in ordering and paying online for their
SimplifEyes 1 day lenses.
“We have seen significant growth in our business as we have
executed on our strategy to expand SynergEyes from a hybrid contact
lens company to a specialty contact lens company,” said Carolyn M.
Maduza, Chief Financial Officer of SynergEyes, Inc. “As we
continue to expand the business and add to our new line of daily
disposable lenses, we looked for a new banking partner that could
support our growth. Pacific Mercantile Bank demonstrated a
strong understanding of our business model and was able to provide
a customized credit facility that will enable us to pursue the
growth opportunities we have in new lines of business and
additional markets within the eye care industry.”
“SynergEyes has built a strong position in the eye care market
by offering specialty contact lens technologies that weren’t
previously available in a daily disposable contact lens,” said
Jeremy Schmidt, Vice President and Senior Portfolio Manager at
Pacific Mercantile Bank. “We look forward to being a
strategic partner to SynergEyes and helping the company achieve its
long-term financial goals.”
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:Robert
AndersonEVP & Chief Banking Officer714-438-2500
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