COSTA MESA, Calif., Sept. 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 $6 million credit facility to Thrive Networks. The credit facility consists of a term loan utilized for acquisition financing and a commercial line of credit. In addition to the financing, Thrive Networks utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Thrive Networks is a leading next generation managed services provider. The Thrive technology solutions suite utilizes Cloud, Cyber Security, Networking, Disaster Recovery and other pioneering managed services to help compliance-driven businesses solve complex IT issues. Founded in 2001, Thrive’s mandate is to provide exceptional support though its advanced MSP tools, highly trained engineering teams and a fervent dedication to customer success. Thrive was acquired by M/C Partners (www.mcpartners.com) in 2016 as a Northeast United States growth platform to service the Finance, Healthcare, Biotech, Insurance, E-Commerce and Educational verticals.
“Pacific Mercantile Bank has demonstrated a level of sophistication and expertise that makes them an excellent banking partner to support the expansion of our company,” said Rob Stephenson, Chief Executive Officer of Thrive Networks. “We have developed an exceptional technology services platform to serve the mid-market and enterprise sectors and see tremendous opportunities to build our client roster. We anticipate that our relationship with Pacific Mercantile Bank will be instrumental in helping us execute on our organic and acquisitive growth strategies.”
“We appreciate the opportunity to work with M/C Partners and its portfolio company Thrive Networks,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited about the opportunity to grow our relationship as Thrive builds its reputation as one of the most respected technology solutions firms and expands to new geographic markets.”
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.