COSTA MESA, Calif., Sept. 27, 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 $3.0 million credit facility to Avalon Transportation, consisting of a commercial term loan and a revolving line of credit. In addition to the financing, Avalon Transportation utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Avalon Transportation is a full service transportation company delivering premium chauffeured services worldwide and superior bus charter services throughout the United States. With a network of international affiliates committed to unsurpassed client satisfaction, Avalon’s services are available in nine major U.S. cities and 850 locations worldwide. Combining classic, superior service from highly trained drivers with the ultimate convenience and efficiency, Avalon has developed a reputation for excellence that continually moves the company forward.
“Our attention to detail and commitment to providing a luxury travel experience has enabled us to consistently grow our client base over the past three decades,” said Jeffrey Brush, CEO of Avalon Transportation. “We are seeing attractive expansion opportunities and needed a banking partner that could support our vision for the company. Pacific Mercantile Bank showed great enthusiasm in getting to know our business and has delivered on everything they said they would. The credit facility that Pacific Mercantile Bank customized for us gives us the flexibility we need to execute on our strategic growth initiatives.”
“Avalon has built a successful organization driven by client referrals and has excellent opportunities to continue growing the business,” said Cyrus Greene, Vice President and Relationship Manager at Pacific Mercantile Bank. “We look forward to presenting our Horizon Analytics® report to Jeffrey and his team and demonstrating the full extent of the strategic value that Pacific Mercantile Bank can deliver to our clients.”
For more information about Pacific Mercantile Bank and its commitment to helping companies succeed, visit www.pmbank.com.
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 treasury 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.
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