Pacific Mercantile Bank Provides $3.0 Million in Financing to Brand Value Accelerator
June 27 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 $3.0 million revolving line of credit to Brand
Value Accelerator (“BVAccel”). In addition to the financing,
BVAccel utilizes a full suite of Pacific Mercantile Bank’s
depository products and treasury management services.
Headquartered in San Diego, BVAccel is a premiere digital
design, development, and marketing-focused eCommerce solutions and
implementation agency dedicated to creating valuable consumer
shopping experiences for national and multi-national companies
across several industries. The company’s comprehensive
service offering of Design and Development, Conversion Rate
Optimization (CRO), and Marketing Services allows it to serve as a
leading “one-stop shop” for retailers and brands looking to expand
their online commerce presence. Since its inception in 2013,
BVAccel has helped to accelerate 200+ leading consumer brands and
retailers through more than 1,500+ campaign executions across
various industry verticals. The firm’s clients include
RedBull, Rebecca Minkoff, Tommy John, Chubbies, Untuckit, and MVMT
Watches.
“In just six years, BVAccel has grown into the largest Shopify
Plus focused implementation consulting firm in the world,” said
John Heaney, Chief Financial Officer of BVAccel. “To
complement our strong organic growth, we have launched an
acquisition strategy designed to create the leading digital
consulting agency helping direct-to-consumer brands connect online
and offline commerce and grow internationally. The team at
Pacific Mercantile Bank was able to quickly understand our business
consolidation strategy and work with our other financial partner to
put together the financing we need to continue executing on our
vision and growing our business.”
“This transaction is a great example of our collaboration with
Merion Investment Partners, a leading small business investment
company, to put together a comprehensive financial solution,” said
Rob Parks, Senior Vice President at Pacific Mercantile Bank.
“Merion Partners provided Subordinated Debt and minority equity to
BVAccel, while Pacific Mercantile Bank provided a revolving line of
credit to fund the company’s ongoing working capital needs.”
“BVAccel has built a strong track record for generating positive
results for its clients, which has led to significant growth in its
digital consulting and design business,” said Lisa Wright, Senior
Vice President at Pacific Mercantile Bank. “The management
team has an exciting vision and a proven track record for
execution. We look forward to supporting BVAccel’s continued
success.”
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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