COSTA MESA, Calif., May 03, 2017 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended a $4 million term loan to CHME, a medical supplies distributor. In addition to the financing, CHME utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services. CHME was referred to Pacific Mercantile Bank by Unique Investment Corporation, CHME’s private equity sponsor.
CHME (originally, California Home Medical Equipment) is a progressive home respiratory and medical equipment company dedicated to excellent patient care and outstanding customer service. Located in the San Francisco Bay area, CHME has more than 30 years of experience in the home medical industry. CHME specializes in providing respiratory equipment, custom power mobility and seating products, and durable medical equipment.
“The team at Pacific Mercantile Bank invested a significant amount of time in understanding our business and cash flow cycle,” said Bernie Zimmer, President of CHME. “With the knowledge they gained, they were able to structure a loan that meets our financing needs and allows us to increase our working capital to support the growth opportunities we are seeing. Pacific Mercantile Bank also presented us with a solution that helped us streamline our banking relationships, make us more efficient, and take costs out of the business. With their support, we have a stronger foundation for generating profitable growth.”
“We appreciate Unique Investment Corporation introducing us to another high quality company in CHME,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “CHME has built a unique position in the medical supply distribution market and we look forward to helping the company achieve even greater success in the coming years.”
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.