COSTA MESA, Calif., Sept. 29, 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 $5.8 million credit facility to Hyperikon to help finance the company’s continued growth. In addition to the credit facility, Hyperikon will utilize a full suite of Pacific Mercantile Bank’s cash management products.
Based in San Diego, Hyperikon is one of the leading U.S.-based manufacturers of LED lighting systems for commercial and industrial use. Hyperikon is committed to developing and delivering the best and brightest LED light bulbs in the entire industry. With a comprehensive product portfolio that stretches from LED tubes to LED street lights, Hyperikon is able to support and supply in commercial, industrial and residential sectors. Hyperikon products are available at www.hyperikon.com or through Amazon.com.
“We were very impressed with Pacific Mercantile Bank’s ability to quickly understand our business and put in place an interim line of credit in a matter of weeks that helped us meet the growing demand we are experiencing for our LED products,” said Nicklas Brandrup, Co-Founder and Chief Business Development Officer of Hyperikon.
“We have since expanded the relationship and put in place a larger credit facility that will provide the capital we need to continue growing the company in the coming years,” added Alexander Brandrup, Co-Founder and Executive Vice President of Hyperikon.
“Hyperikon has built a sterling reputation for providing superior quality LED products and is on pace to more than double its revenue this year,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are very pleased to add Hyperikon to our growing roster of asset-based lending clients and we look forward to supporting the company’s growth in the years ahead.”
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