COSTA MESA, Calif., Nov. 10, 2014 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that its Entertainment Industries Division ("EID") will celebrate its largest year ever in financing independent film and television productions by co-hosting a party for industry participants at the 2014 American Film Market on Tuesday, November 11, 2014. Since 2009, Pacific Mercantile's EID has extended more than $225 million in financing to independent film and television production companies, with 2014 already being the biggest year since the division's inception. The celebratory event will be co-hosted with Ausfilm, an Australian industry-government partnership that promotes the filming of productions in Australia.
"2014 has been a tremendous year for our Entertainment Industries Division, with our total financings increasing by approximately 40% over last year," said Adrian Ward, Senior Vice President, Entertainment Industries Division. "Our extensive experience in the entertainment industry has enabled the EID team to take on and complete deals that other banks aren't capable of handling. Our clients appreciate our ability to be flexible in the face of a constantly changing production environment, which results in additional projects and the continued growth of our entertainment business."
"In just a few years, we have established Pacific Mercantile Bank as one of the premier lenders to independent film and television producers, distributors and other entertainment-related companies," said Tom Vertin, President of Commercial Banking at Pacific Mercantile Bank. "We have been able to increase our client base every year by leveraging our deep understanding of the global distribution business and offering customized financing solutions to suit a wide array of production requirements. We are proud to support the independent film production industry and we can't think of a better place to celebrate our growth than at the 2014 American Film Market."
The American Film Market (AFM) brings together over 8,000 industry leaders in Santa Monica for eight days of deal-making, screenings, seminars, networking and parties. Participants come from over 70 countries and include acquisition and development executives, agents, attorneys, directors, distributors, festival directors, financiers, film commissioners, producers, and writers. Unlike a film festival, the AFM is a marketplace where production and distribution deals are closed.
Pacific Mercantile Bank's EID team has more than 100 years of exclusive entertainment-related experience. Collectively, the EID team has financed more than 750 film and television productions with budgets ranging from $2 million to $65 million.
The EID team offers a broad range of products and services including:
- Film Production Financing, including Gap Financing, and certain Tax Credits
- Television "Movies of the Week" and Series Financing
- Syndicated Financing
- Working Capital Term Loans
- Lines of Credit
- Production Accounts
- Collection Accounts
- Cash Management Services
For more information on Pacific Mercantile Bank's entertainment financing services, contact Adrian Ward, Senior Vice President, 310.860.3011.
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 financial centers and comprehensive, sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of nine banking 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.
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.
CONTACT: Adrian Ward Pacific Mercantile Bank (310) 860-3011
Source:Pacific Mercantile Bank