COSTA MESA, Calif., Dec. 9, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended construction financing to Southland Development to fund the renovation of two turn-of-the-century Victorian cottages into student housing adjacent to the University of Southern California (USC).
The renovation project culminates a decades long effort to save the two homes from destruction. As part of the renovation, the two historic Victorian cottages have been relocated from Royal Street near the campus of USC to a vacant lot on Portland Street, a few blocks away.
Southland Development, a full-service real estate finance, investment, development and management organization, plans to preserve the exterior of the historic wood-frame cottages while converting the interior into master bedrooms with master baths for students along with common kitchen, dining and laundry areas.
"We are truly appreciative of Pacific Mercantile Bank's support for this unique development project," said John Guell, President & CEO of Southland Development. "We are very pleased that we were able to work collaboratively with USC, the West Adams Heritage Association, and the University Park Historical Preservation Overlay Zone (HPOZ) to develop a solution to a long-standing dilemma that will preserve the integrity of these historic homes while providing much-needed student housing in the area. It's an absolute win-win situation for all the parties involved."
"We've had the privilege to develop a long-term relationship with Southland Development and to finance a number of their successful student housing projects," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "We are excited to play a role in this latest project and help finance a development that will truly enhance the surrounding community. John Guell and the other members of the public-private partnership that are responsible for developing the plan to relocate and preserve these historic homes should be commended for their commitment to working together to the benefit of the community at large."
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