COSTA MESA, Calif., March 09, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended $8 million in financing to Aluratek, a leading global technology company based in Irvine. The credit facility consists of a line of credit and a term loan. In addition to the financing, Aluratek utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Aluratek was founded to create and produce alluring products that are fascinating, attractive and appealing to the technology consumer market. Having established itself as a leader in digital picture frames, Aluratek has expanded its offerings to more than 100 product solutions catering to the smartphone and tablet market. Aluratek’s product portfolio consists of a wide array of digital picture frames, Bluetooth audio accessories, USB and audio/video accessories, and mobile power and charging products.
“Aluratek’s commitment to providing simple yet elegant connectivity solutions has driven our rapid growth,” said John Wolikow, CEO of Aluratek. “As we continue to expand our product offerings, we needed a banking partner with the capacity and flexibility to support our financing needs. We are very happy to be working with Pacific Mercantile Bank. Their team listened to our needs and developed a credit facility that provides increased flexibility and liquidity, which will allow us to access the working capital we need to continue growing our business.”
“We have been impressed with Aluratek’s ability to bring unique and innovative technology solutions to the market,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are pleased to be a part of this exciting success story and we look forward to expanding our relationship with Aluratek in the future.”
About Pacific Mercantile Bancorp
Pacific Mercantile Bancorp (NASDAQ:PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March 1, 1999. The Bank, which is an FDIC insured, California state-chartered bank and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business professionals and individual clients. The Bank is headquartered in Orange County and has seven locations in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. The Bank offers tailored flexible solutions for its clients including an array of loan and deposit products, sophisticated cash management services, and comprehensive online banking services accessible at www.pmbank.com.
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