SAN FRANCISCO, Feb. 03, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a credit facility to new client, Chubbies, Inc. an e-commerce apparel company. Proceeds from the facility will provide working capital to finance accelerated investments in new growth opportunities.
Based in San Francisco, Chubbies was founded by four Stanford University graduates in 2011. Their unique line of shorts, swimsuits and shirts has grown increasingly popular amongst a wide variety of customers, including a strong following in the American armed forces. The company raised a Series Seed round in April 2014 and recently announced a Series A round on February 2nd of this year.
Chubbies’ co-founder Kyle Hency, head of finance and operations, explained, “For the last two to three years, we've been looking for a long-term banking partner that can scale with our accelerated growth and we're happy to have finally found that in Square 1 Bank."
Alex ter Wee, vice president in Square 1 Bank’s technology banking practice, said, “Chubbies has experienced phenomenal growth in two short years—from working out of a garage in 2013 to moving into their new headquarters in San Francisco’s Jackson Square last year. The relentless, hardworking group has maintained a balanced, vibrant culture throughout their evolution, staying true to their ‘the weekend has arrived’ mentality. We’re excited to see where they go from here.”
Chubbies Shorts is a lifestyle e-commerce brand based in San Francisco, California that produces clothing and content built for the weekend. Originally selling short shorts for men, the company has since expanded its offerings to include swim trunks, Hawaiian shirts and half-zip sweatshirts – all produced domestically. In addition to clothing, Chubbies places a heavy emphasis on the creation of original content and boasts an active and dedicated social community of approximately 2.2 million “chubsters.” The Weekend has Arrived. www.chubbiesshorts.com
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
Media Contact: Square 1 Bank, a division of Pacific Western Bank Dee McDougal 919.597.7479 email@example.com
Source: Square 1 Bank, ADivision of Pacific Western Bank