Pacific Mercantile Bank Provides $10.0 Million in Financing to Mercury GSE
July 31 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 $10.0 million credit facility to Mercury GSE. In
addition to the financing, Mercury GSE utilizes a full suite of
Pacific Mercantile Bank’s depository products and treasury
management services.
Based in Santa Fe Springs, Mercury GSE handles ground support
equipment rentals worldwide for the aviation industry. As part of
the company’s worldwide distribution service, Mercury GSE handles
parts from America’s finest ground support equipment manufacturers,
including JBT/FMC Aerotech (FMC), TLD America, NMC Wollard, Tug
Technologies, Clyde Machines and Wasp. Mercury GSE specializes in
larger items such as loaders, aircraft tow tractors and air
starters. The company’s large inventory of in-stock equipment,
which is available for long-term rent enables it to offer GSE
rentals to major carriers’ expansion routes, as well as start-up
operations and ground handlers. Mercury has the right equipment for
any aircraft at very affordable rates.
“Our commitment to providing the highest quality equipment and
best customer service in the industry has helped us to become the
largest ground support rental company in the Western United
States,” said Jason Gendron, CEO of Mercury GSE. “Pacific
Mercantile Bank has strong experience in the equipment rental
space, which enabled their team to quickly understand our business
model and customize a revolving term loan facility to meet our
financial needs and growth goals. We also received a great deal of
value from the insight they provided on our business model and
growth strategies through their Horizon Analytics® tool. With our
new credit facility in place, we can focus on further expansion and
growing our business in the coming years.”
“With over 40 years of experience, Mercury GSE has steadily
expanded its capabilities and can deliver equipment anywhere in the
United States, Canada, Mexico, Europe and Asia,” said Rob Parks,
Senior Vice President at Pacific Mercantile Bank. “Mercury GSE has
built a strong position in the equipment rental industry and we
look forward to helping the company achieve even greater success in
the future.”
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.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank’s proprietary
financial tool that provides a level of insight and analysis
uncommon for small- to medium-sized 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.
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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