COSTA MESA, Calif., June 06, 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 term loan and commercial line of credit totaling $12.5 million to Interactive Health, Inc. (“Interactive Health”) to support the company’s growth. Interactive Health, Inc. is the parent of Human Touch and the recently acquired Relax the Back Corporation, a specialty retail franchise. In addition to the financing, Interactive Health utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services including foreign trade services.
Based in Long Beach, Human Touch is the leading provider of high-quality, innovative lifestyle products, and massage chairs that have been delivering indispensable, life-changing benefits to an ever-growing number of consumers for more than 35 years. Human Touch has been making people feel better by developing state-of-the-art products containing patented massage systems that replicate the hands and techniques used by massage professionals, thereby helping to reduce pain and stress caused by today’s hectic lifestyle. Products are available at fine furniture stores, back care specialty stores, and mass-market retailers across the U.S., through international retailers and distributors in more than 40 countries, and online at www.humantouch.com.
“Pacific Mercantile Bank has the expertise, flexibility, financial strength and willingness to provide the credit facility we need to support our organic growth strategies, as well as funding our recent acquisition of Relax the Back Corporation,” said David Wood, Chief Executive Officer of Interactive Health, Inc. “We now have an integrated presence in the growing neck and back care market at both the wholesale and retail levels. Our combination of innovative lifestyle products and network of more than 100 specialty retail stores has made it even easier for consumers to find, experience, and maintain back care solutions that will improve their daily lives.”
“Interactive Health is well positioned to drive growth and leadership in the ergonomic spinal health care market,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “This is an exciting time for Human Touch and we look forward to supporting the company’s continued growth in the years ahead.”
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.