COSTA MESA, Calif., June 30, 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 $3 million line of credit to Vinculums Services Inc. to help finance the company's operations. In addition to the line of credit, Vinculums will utilize Pacific Mercantile Bank's treasury management services and demand deposit products.
Headquartered in Irvine, Vinculums is a leading regional services provider for wireless operators, focusing predominantly on building new cell sites, as well as upgrading and maintaining existing cell sites across the Western United States. The company offers unmatched turnkey solutions, with an intimate knowledge of every facet of wireless networks and the telecom industry. This experience and perspective enable Vinculums to deliver strategic solutions that significantly reduce time to market and capital expenditures for its customers.
"The line of credit from Pacific Mercantile Bank will provide us more flexibility in managing our working capital," said Bart Van Aardenne, Chairman of Vinculums. "Pacific Mercantile Bank invested time and energy to understand our industry and business model and came up with a creative financing solution that will support our future growth."
"Vinculums has been a trusted advisor and partner to the wireless industry since 2000 and has built an impressive client roster consisting of the largest wireless carriers in the country," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "We are excited to be a part of their growth and 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 eight 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