COSTA MESA, Calif., Sept. 20, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has provided a $5 million term loan to Salon Republic to help finance the expansion of the company’s network of innovative salon studios across the country. In addition to the term loan, Salon Republic will utilize a customized suite of cash management products including Pacific Mercantile Bank’s commercial credit card.
Salon Republic is transforming the beauty industry with its network of custom designed salon studios that provide a one-of-a-kind experience for beauty professionals and their clients. Salon Republic allows beauty professionals to create their own unique salon studio environment and provide their clients with a luxurious, celebrity-level experience. Salon Republic also provides turnkey business support services so beauty professionals can focus on developing their talent, expanding their client list, and building their own personal brand. Salon Republic currently has 10 locations in California, Texas and Colorado.
“We appreciate Pacific Mercantile Bank’s willingness to invest the time to understand our business and recognize the attractive economics of the model we have developed,” said Erick Mason, Chief Financial Officer of Salon Republic. “Our salon studio concept is a complete rethinking of the ideal working environment for today’s beauty professionals. With the support of Pacific Mercantile Bank, we can continue expanding our concept and opening additional salons in new markets.”
“Salon Republic’s expertise in real estate and the beauty industry has enabled them to pioneer the salon studio concept and develop a strong business model to support the future growth of the company,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited to have the opportunity to work with this talented management team and play a role in their continued transformation of the beauty industry.”
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