COSTA MESA, Calif., Feb. 08, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC ), today announced that it has extended $4 million in financing to Retail Design Collaborative to support the firm’s continued expansion. In addition to the financing, Retail Design Collaborative utilizes a full suite of Pacific Mercantile Bank’s cash management services.
Based in Long Beach, Retail Design Collaborative , formerly P+R Architects, is an award-winning leader in the retail design and retail architecture industry. With over 37 years of experience designing the retail realm, the firm’s depth and excellence in all aspects of retail allow it to take a holistic approach when designing the retail experience. With a collaborative practice of retail architecture, entertainment architecture, interior architecture and design, and store design, Retail Design Collaborative creatively meets the diverse needs of a variety of retail-centric project types. The firm’s practice encompasses many different scales, from small store planning to large master plans, and everything in-between.
“After 20 years of working with a national bank, we set out to find a banking partner that could provide a financing solution better suited to our unique needs,” said Ian Denny, CFO of Retail Design Collaborative. “We met with several banks and Pacific Mercantile Bank clearly demonstrated the greatest commitment to structuring a credit facility that fit our business model. The team is highly engaged and has become a trusted advisor to us, providing value well beyond traditional banking services – a true partner in our success.”
“We are very pleased to be working with Retail Design Collaborative at an exciting time for the firm,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “Their recent renaming and rebranding to Retail Design Collaborative reflects the firm’s positioning as an innovator in creating memorable places where people can gather, shop, work and play. We are excited to support the firm’s expansion and see the compelling designs they continue to develop for the retail experience.”
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: Robert Anderson EVP & Chief Banking Officer 714-438-2500
