COSTA MESA, Calif., Feb. 11, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that it has provided approximately $19 million in financing to Marina Landscape, Inc. to help fund the company's ongoing operations and expansion plans. The total financing package consists of a working capital credit facility, a term loan to finance equipment purchases, and the refinancing of a commercial real estate loan.
Headquartered in Anaheim, Marina Landscape ("Marina") is an award-winning landscape construction company that specializes in large-scale landscape construction and maintenance projects throughout the western United States. Founded in 1971, Marina has become one of the 16 largest landscape and site development contractors in America. Marina's diverse project experience includes theme parks and recreation facilities, sports fields, golf courses, hotels and resorts, commercial and industrial developments, public facilities, streetscapes, highway beautification, wetlands and re-vegetation zones, and master planned communities.
"We needed a bank that had the ability to grow along with our company and we were very pleased with the creative financing solutions that Pacific Mercantile Bank developed for us," said Bob Cowan, President and CEO of Marina Landscape. "The senior management and lending team spent a great deal of time with us in order to learn our business, and we were able to develop the level of trust that we want in our financial partner."
"Marina Landscape is one of Orange County's great small business success stories and serves some of the premier entertainment, sports and hospitality venues in the country," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "We are proud to be a part of Marina's continued growth as they build on more than 40 years of success."
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: Robert Sjogren EVP & Chief Operating Officer 714-438-2500
Source:Pacific Mercantile Bank