COSTA MESA, Calif., Feb. 04, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced it has increased its existing multi-million dollar credit facility with K1 Speed by 50%. The expanded credit facility is being utilized by K1 Speed to open four new indoor kart racing locations around the country.
Founded in 2003, K1 Speed is now the premier karting company in America with 35 locations across the country. Utilizing advanced European electric karts and indoor asphalt tracks, K1 Speed offers enthusiasts and amateurs alike an authentic and genuine racing experience in a safe, comfortable, accessible, and perhaps most importantly, unique environment. Offering highly-advanced and environmentally-friendly electric karts, as well as large indoor entertainment venues that feature authentic racing memorabilia, pit cafes, meeting rooms and pool tables, K1 Speed is a great place to visit with family and friends or to host a corporate event or party.
“Since establishing a relationship with Pacific Mercantile Bank in 2013, they have done everything we could ask from a financial partner to support our growth,” said David Danglard, Chief Executive Officer of K1 Speed. “They have been flexible and responsive to our financing needs as we have expanded, and with their robust cash management tools, we can consolidate and manage the cash flow of all of our locations around the country from our headquarters in Orange County. Pacific Mercantile has been has been highly supportive of our growth strategy and a great partner for us.”
“K1 Speed is one of Orange County’s great success stories,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “In less than three years, the company has grown from 18 locations to 35 locations, with more planned to open later this year. By offering an authentic racing experience, K1 Speed has helped fuel the explosion of interest in karting. We are proud to be their partner and help the company continue to capitalize on the exciting growth they have created in this market.”
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: Kittridge Chamberlain EVP & Head of Relationship Banking 714-438-2500
Source:Pacific Mercantile Bank