COSTA MESA, Calif., Aug. 30, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended a line of credit to PriceSpider to help finance the company’s continued growth. In addition to the line of credit, PriceSpider will utilize a customized suite of cash management products including Pacific Mercantile Bank’s corporate credit card and merchant services.
Based in Irvine, PriceSpider is a retail SaaS (Software as a Service) technology company that has experienced explosive growth since they first launched as a consumer shopping engine in 2003. As their proprietary technology became more powerful and robust over the years, the company found itself thriving in a new industry working with marketers, brand manufacturers and retailers. PriceSpider has now grown well beyond its roots to provide insights about consumer purchasing behavior across a growing list of global industries including some of the world's top brands in consumer electronics, tools, major appliances, toys, consumer packaged goods, automotive, and beauty.
“We are experiencing significant growth and need a banking partner that understands the unique working capital needs of a high growth SaaS technology company,” said Anthony Ferry, Chief Executive Officer of PriceSpider. “Pacific Mercantile Bank presented us with a customized solution that provides the flexible access to credit that we need and prepares us to transition to a more sophisticated financing structure in the near future as we continue to scale.”
“We have closely followed the growth of PriceSpider as they have added global companies,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “Now that their business has scaled and matured, we are pleased to add a credit facility to our banking relationship. We look forward to continuing to support PriceSpider’s growth in the years ahead.”
PriceSpider is a retail technology company that provides insights about consumer purchasing behavior. The company uses the PriceSpider technology to power their tools, Where-to-Buy, Ratings & Reviews, MAP Monitoring, and Channel Reports, to reveal the secrets of exactly what people buy—as well as where, why, how—and even when. PriceSpider’s insights and recommendations help manufacturers, marketers, and retailers radically improve their marketing impact, retail sales, and revenues.
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
Source:Pacific Mercantile Bank