COSTA MESA, Calif., Aug. 26, 2013 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("PMB") (Nasdaq:PMBC) announced today that it has become the latest partner-bank in the U.S. Global Business Solutions Program, a new interagency initiative designed to expand the reach of federal export assistance and add 50,000 small businesses to the nation's exporter base by 2017. The pilot program will also aim at expanding the base of financial institutions and service providers that facilitate exports, adding an anticipated 250 trade-finance sources by December 2015.
U.S. Global Business Solutions will bundle U.S. government trade-finance products for lenders and exporters. The programs and products will be combined into a single menu of options that will be tailored to the stage of the exporter's development and the capacity of the financial institution or service provider. The initiative will be designed to make it easier and more cost-effective for exporters to use the programs and products of multiple agencies. Six federal agencies are participating: Ex-Im Bank, the U.S. Small Business Administration (SBA), the U.S. Department of Agriculture, the U.S. Department of Commerce/International Trade Administration, the U.S. Trade and Development Agency (USTDA) and the Overseas Private Investment Corporation (OPIC).
"We are proud to be chosen as one of a select few banks in the country that have been designated as partners; we have been chosen at this time because of the experience and knowledge of our bankers such as Senior Vice President Pete Ramirez, who is not only an expert in the Ex-Im products, but is also very knowledgeable in other export related assistance programs from other government agencies such as SBA, USTDA, DOC, DOA and OPIC," stated Steven K. Buster, President and CEO of PMB.
"We are delighted to partner with Pacific Mercantile Bank as part of the U.S. Global Solutions Program," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Pacific Mercantile Bank's support of U.S. exporters enhances the appeal of the "Made in America" brand abroad and boosts small-business jobs here at home."
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp, a publicly traded company with its shares listed on the Nasdaq Stock Market under the trading symbol, "PMBC", is the parent holding company of Pacific Mercantile Bank ("PMB"). PMB is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, which provides a wide range of commercial banking services to businesses, business professionals and individual clients through its combination of traditional banking financial centers and comprehensive, sophisticated electronic banking services. The Bank's major product lines include commercial loans, commercial real estate loans, entertainment industry loans, small business (SBA) loans, export-import loans, mortgage loans, asset based financing, deposit products, and treasury and cash management services. The Bank, which opened for business on March 1, 1999, had total assets exceeding $1 billion as of December 31, 2012. PMB operates a total of seven financial centers in Southern California, four in Orange County located in the cities of Newport Beach, Costa Mesa, La Habra and San Juan Capistrano, one in Los Angeles County in the city of Beverly Hills, one in San Diego County in the city of La Jolla and one in the Inland Empire in San Bernardino County, in the city of Ontario. In addition to the Bank's physical locations, it offers comprehensive business and individual banking services over its Internet Bank at www.pmbank.com.
CONTACT: For more information contact: Nancy Gray, SEVP & CFO, 714-438-2500 Barbara Palermo, EVP & IR, 714-438-2500
Source:Pacific Mercantile Bank