COSTA MESA, Calif., Dec. 06, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC ), today announced that it has extended $6 million in financing to Applied Membranes, Inc. (“AMI”) consisting of a $5 million commercial line of credit and a $1 million term loan. In addition to the financing, AMI will utilize a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Based in Vista, California, Applied Membranes is a manufacturer and distributor of reverse osmosis membranes, systems and components for commercial and residential use. Manufacturing under the AMI brand for more than 30 years, the company has built a reputation for high quality and superior performance across a broad selection of water treatment components including water quality monitors and controllers, pressure gauges, and flow meters. With more than 10,000 commercial/industrial systems in operation, AMI is one of the few companies in the water treatment industry with the expertise to provide reverse osmosis systems for drinking water, boiler feed water, seawater, desalination, ultrapure water, USP water, and water reuse.
“We needed a bank that could provide a credit facility that was tailored to our cash flows and sales cycle, rather than the ‘off-the-shelf’ financing that we were offered by other banks,” said Dr. Gil Dhawan, President of AMI. “Pacific Mercantile demonstrated a strong understanding of our business model and developed a customized credit facility that provides the flexibility we need to support the expansion of our business. They have also demonstrated a commitment to being a true partner and trusted advisor by introducing us to resources that can help us operate more efficiently.”
“AMI has built a long track record as an innovator and leader in the field of reverse osmosis,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited to be working with the company and support the continued growth of their operations.”
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.
Forward-Looking Information
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
