COSTA MESA, Calif., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC ), today announced that it has increased the credit facility for Neudesic to $5 million. The expanded line of credit was designed to support Neudesic’s rollout of several Software as a Service (SaaS) products in the next 24 months. Neudesic also utilizes a full suite of Pacific Mercantile Bank’s cash management services, including the Bank’s online foreign exchange wire capability.
Based in Irvine, Neudesic is the trusted technology partner in business innovation, delivering impactful business results to clients through digital modernization and evolution. Neudesic’s consultants bring business and technology expertise together to drive enterprise performance through custom application solutions, comprehensive managed service, and intelligent products. In November 2016, Neudesic was named one of the fastest growing mid-size companies in Orange County by the Orange County Business Journal , based on the company’s revenue growth over the previous two years.
“Our commitment to delivering world-class solutions to meet the increasing demand for digital evolution in the fast paced world of competitive business has driven our exceptional growth over the past few years,” said Parsa Rohani, CEO of Neudesic. “Pacific Mercantile has been a great banking partner for us and the increase in our line of credit will support the continued development and rollout of new SaaS products in the coming years.”
“With industry-leading products and a global customer base, Neudesic has grown into one of Orange County’s most dynamic companies,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We look forward to supporting their continued growth and success.”
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
