COSTA MESA, Calif., May 29, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has provided the financing to support Vopne Capital’s equity investment in RatPac Dimmers, the leading manufacturer of lighting control and power distribution products for the motion picture and entertainment industry. RatPac Dimmers also utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services.
Vopne Capital is a Bay Area-based private equity firm investing in growing, profitable companies in the lower middle market. Vopne undertakes investments, recapitalizations and acquisitions of manufacturing and industrial services companies with experienced management teams, engineered and differentiated products, and a focus on quality and customer service.
“RatPac has built a great reputation for creating innovative, easy-to-use products for film and television production, and we are excited about the opportunities to continue growing this business,” said Jim Bloom, Managing Partner of Vopne Capital. “Having relationships with both Vopne Capital and RatPac Dimmers, Pacific Mercantile Bank was the ideal partner to work with on the financing for this investment. Pacific Mercantile’s knowledge and insight into RatPac’s business enabled their team to put together a credit package that facilitated an efficient closing for this investment.”
“Vopne has a great track record of working with its portfolio companies to generate operational improvements and enhance the value of its investments,” said Zach Martin, Senior Vice President at Pacific Mercantile Bank. “We appreciate Vopne’s prudent approach to capital structure, which made this an attractive financing opportunity for Pacific Mercantile.”
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.
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