COSTA MESA, Calif., Aug. 21, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $3.5 million revolving line of credit to Northwest Medical. In addition to the financing, Northwest Medical utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services. Northwest Medical was referred to Pacific Mercantile Bank by its private equity sponsor, Corbel Capital Partners, which acquired the company in March 2018.
For two decades, Northwest Medical has provided quality respiratory services for both the pediatric and adult population in the Northwest and Alaska, with instruction and set-ups performed by respiratory therapists. Northwest Medical employs people with integrity and a caring commitment to assist patients with their needs and goals. The company strives to be flexible and open to patient input and to maintain the quickest response time in the community.
“We are excited about the addition of Northwest Medical to our portfolio, and we believe our depth of medical industry contacts can help the company further expand its existing markets,” said Michael Jones, Principal at Corbel Capital Partners. “Pacific Mercantile Bank’s experience and skill in working with capital providers helped them structure a complex financial solution that met the unique needs of both our private equity group and Northwest Medical. Pacific Mercantile Bank’s flexibility and responsiveness helped us to close in a very efficient manner and enabled us to quickly begin working with the Northwest Medical team to capitalize on new growth opportunities.”
“It was a pleasure to work with Corbel Capital Partners on this transaction,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “The financial solution that we were able to structure enabled the recapitalization of Northwest Medical, while also providing for the company’s ongoing working capital needs. We are also utilizing our propriety Horizon Analytics® to provide ongoing advice and guidance to help the company reach its financial goals.”
About Pacific Mercantile Bank
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.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank’s proprietary financial tool that provides a level of insight and analysis uncommon for small- to medium-sized private businesses. Using a proprietary private company database and financial analysis techniques typically available only to large public companies, Horizon Analytics helps businesses understand how their financial performance compares to their competitors and develop a detailed multi-year financial forecast to assist with capital planning and business investment. Through the insight provided by Horizon Analytics, Pacific Mercantile Bank helps its clients navigate challenges, capitalize on opportunities, and look into the future, far beyond a company’s day-to-day activities. Learn more about Horizon Analytics and Pacific Mercantile Bank’s commitment to helping companies succeed at www.pmbank.com/HorizonAnalytics.
About Corbel Capital Partners
Corbel Capital Partners is a structured debt and equity fund with approximately $250 million in assets under management. Corbel generally makes non-control investments in the form of creatively tailored structured debt or equity securities in profitable, lower middle-market businesses. Capital can be used to facilitate growth, buyout a minority partner, consummate a strategic acquisition, provide existing owners with limited near-term liquidity, or creatively finance and support independent sponsor buyouts. Corbel also offers differentiated strategic and operational support traditionally not offered by non-control investors and allows owners of businesses to retain control equity positions and the potential for later exit events. Corbel is led by an experienced team of investment professionals with successful long-term track records and a history of working together. Its leadership team has collectively led and overseen almost 100 transactions, totaling over $7 billion, during their tenure and have worked together for over a decade with significant experience partnering with lower middle market companies. With the assistance of its operating advisors, Corbel seeks to add value to portfolio companies through operational improvement, strategic, M&A and capital structure direction, and relationships. For more information, visit www.corbelcap.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