COSTA MESA, Calif., Dec. 22, 2020 (GLOBE NEWSWIRE) — Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $2.45 million credit facility to Simpson Sandblasting & Special Coatings, Inc. (“Simpson Sandblasting”), a company that first became a client of Pacific Mercantile through the Bank’s participation in the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). The new credit facility will be utilized to refinance an existing owner-occupied commercial real estate loan, provide a revolving line of credit for working capital/bonding needs, and provide financing for equipment purchases.
Headquartered in Fontana, California, Simpson Sandblasting & Special Coatings, Inc. specializes in sandblasting and painting water storage reservoirs, pump stations, clarifiers, digesters, bridges, concrete reservoirs, water treatment plants as well as elevated and petroleum tanks. Simpson Sandblasting is also one of the few companies equipped and experienced to remove and apply coal tar enamel as well as other specialized coatings on the west coast. Simpson Sandblasting’s reputation of excellence has allowed the company to expand operations into other states such as Nevada, Arizona, Oregon, Washington, New Mexico and Utah.
“I have been searching for a bank that treated their customers as partners whose focus of growing and developing long-term relationships were aligned,” said Ryan Simpson, President of Simpson Sandblasting. “I am excited to have been able to find that partnership with Pacific Mercantile Bank. After they were able to help us access PPP funding, we were very impressed with the responsiveness of their bankers, the capabilities of their treasury management solution, and the valuable insight they were able to provide through their Horizon Analytics® tool. As a result, we decided to move our entire credit and deposit relationship to Pacific Mercantile Bank.”
“Ryan Simpson and his team at Simpson Sandblasting are the type of owner and operating company that we love working with – an experienced management team, a loyal customer base, and an attention to detail that has made them a prominent force in their industry,” said Ken Overby, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We are very pleased that we had the opportunity to show them all the ways that Pacific Mercantile can help their business succeed and have turned a PPP client into a full banking relationship.”
About Pacific Mercantile Bank
Pacific Mercantile Bancorp (NASDAQ: PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients. The Bank is headquartered in Orange County and has seven locations in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. The Bank offers tailored flexible solutions for its clients including an array of loan and deposit products, sophisticated treasury management services, and comprehensive online banking services accessible at www.pmbank.com.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank’s proprietary financial tool that provides a level of insight and analysis uncommon for middle-market private businesses. Using a proprietary private company database and financial analysis techniques typically available only to large public companies, Horizon Analytics helps businesses understand how their financial performance compares to their competitors and develop a detailed multi-year financial forecast to assist with capital planning and business investment. Through the insight provided by Horizon Analytics, Pacific Mercantile Bank helps its clients navigate challenges, capitalize on opportunities, and look into the future, far beyond a company’s day-to-day activities. Learn more about Horizon Analytics and Pacific Mercantile Bank’s commitment to helping companies succeed at www.pmbank.com/HorizonAnalytics.
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.
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Chief Banking Officer