COSTA MESA, Calif., March 28, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has designed a customized suite of cash management services for TNT Self-Storage Management, one of the largest independent self-storage management companies in the United States with more than 40 properties in its portfolio.
The innovative cash management program developed by Pacific Mercantile Bank is customized to meet the needs of individual self-storage facilities and integrates seamlessly with TNT Self-Storage Management’s accounting software. In addition to the cash management services, Pacific Mercantile Bank has also provided $5.6 million in financing to the proprietors of TNT Self-Storage Management for the purchase of new self-storage facilities.
“One of the key factors in our decision to deepen our relationship with Pacific Mercantile Bank was their willingness to design a customized, cutting-edge cash management program that is tailored to the unique needs of our organization,” said Ray Tuohy, President of TNT Self-Storage Management. “The cash management program is highly scalable and will continue to serve our needs as we add new locations. In addition, the financing provided by Pacific Mercantile Bank will enable us to expand into the Arizona market.”
“We have developed a state-of-the-art suite of cash management tools so that we can handle the complex needs of clients like TNT Self-Storage Management,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited about the opportunities to grow our relationship as their business continues to expand in the future.”
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.