COSTA MESA, Calif., June 3, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that it has extended a $10 million line of credit to Shark Investments, LLC to help finance the company's operations. In addition to the line of credit, Shark Investments will utilize Pacific Mercantile Bank's treasury management services and demand deposit products.
Shark Investments, LLC is one of the most experienced real estate development, management, and investment companies in Southern California. With over one hundred years of generational experience, Shark Investments, LLC continues to provide services to its investors, partners and customers including acquisition, development, asset and investment management, repositioning of distressed assets, and disposition of real estate throughout Southern California. Starting in 2008, Shark Investments, LLC has acquired a large portfolio of real estate assets using proprietary databases and acquisition techniques. Shark Investments, LLC has demonstrated its acquisition and disposition model works as over 1,000 homes have been acquired at a value over $300 million resulting in excellent internal and investor returns.
"We have developed a highly efficient and productive model for the acquisition, renovation and disposition of distressed real estate assets, and we believe the market conditions in Southern California will remain conducive for generating strong returns for years to come," said Jason Viegas, Chief Executive Officer of Shark Investments, LLC. "We have a unique business model and we were impressed with Pacific Mercantile Bank's ability to understand our financial needs and structure a customized credit facility that aligns with the cash flow trends in our business."
"Shark Investments, LLC has a proven business model and consistent track record of generating exceptional returns," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "We are proud to be their financial partner and support their continued 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 offices 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