COSTA MESA, Calif., May 05, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced it has extended a $2 million line of credit to Segue Corporation to help fund the company’s growth. In addition to the line of credit, Segue will utilize the full array of Pacific Mercantile Bank’s cash management services.
Based in Lake Forest, California, Segue designs, implements and executes cutting-edge Reverse Logistics strategies and processes. With methodologies continuously developed over thirty years, Segue partners with clients to customize solutions that best fit, in order to accelerate and support their business goals. Segue is the industry leader for the design, execution and management of asset recovery solutions for manufacturers, major retailers and distributors in the consumer and computer electronics marketplace. Iconic global brands trust Segue to deliver quantifiable results in their reverse logistics operations. Segue’s approach is designed to maximize asset recovery, eliminate channel friction and protect the global brands of its clients.
“We are experiencing strong growth in our business and needed a bank that was responsive and could grow along with us,” said Steven Vertun, President and Chief Executive Officer of Segue Corporation. “It was important for us to find a bank that operated on a more personal level and truly took the time to understand our business and financial needs. The team at Pacific Mercantile invested a great deal of time in getting to know our company and structuring a credit and cash management solution that will be highly supportive to the future expansion of our business.”
“We are very pleased that Segue Corporation is a PMB client,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “Led by a highly experienced management team, Segue has become a leader in the resale of consumer and computer electronics and works with some of the largest manufacturers and retailers in the world. The company has a proven business model and we look forward to providing them with the financial support they need to continue growing their business in the years ahead.”
About Segue Corporation
Segue Corporation designs, implements and executes cutting-edge Reverse Logistics strategies and processes. With methodologies continuously developed over thirty years, Segue partners with clients to customize solutions that best fit, in order to accelerate and support their business goals. Segue is the industry leader for the design, execution and management of asset recovery solutions for manufacturers, major retailers and distributors in the consumer and computer electronics marketplace. For more information, visit www.seguecorp.com, email email@example.com, or call (949) 589-5040.
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.
Pacific Mercantile Bank Contact: Kittridge Chamberlain EVP & Chief Banking Officer 714-438-2500 Segue Contact: Steven Vertun President & Chief Executive Officer 949-589-5040
Source:Pacific Mercantile Bank