COSTA MESA, Calif., Nov. 12, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has increased its revolving line of credit with Argos Material Distribution to $2.25 million. In addition to the asset-based line of credit to finance accounts receivable, Argos Material Distribution utilizes the full array of Pacific Mercantile Bank's treasury management services.
Based in Chino, Argos Material Distribution distributes construction building materials to regional and local customers with a commitment to building long lasting business relationships and a reputation for focused service. ARGOS provides relevant expertise and an attentive business model that endeavors to exceed customer expectations. ARGOS' executive team's years of expertise, coupled with the company's commitment and integration of modern efficiency technologies, create a customer experience that fosters long-term business partnerships.
"Since choosing Pacific Mercantile as our banking partner in 2014, their team has gone above and beyond our expectations," said Al Jordan, President, Argos Material Distribution. "In addition to providing a flexible credit structure that has supported the strong growth we have seen in our business, Pacific Mercantile's bankers have given us valuable advice that has helped improve many areas of our operations including inventory management and accounting. We are a better, more efficient company today due to the support provided by Pacific Mercantile Bank."
"ARGOS has seen tremendous growth due to their commitment to providing high quality building materials at competitive prices, and always delivering exceptional customer service," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "We are very pleased to increase our line of credit to the company and help them with their strong growth opportunities."
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 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