COSTA MESA, Calif., Dec. 19, 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 $5.0 million revolving line of credit to Edition Logistics Management (“ELM”). In addition to the financing, Edition Logistics Management utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services. The company was referred to Pacific Mercantile Bank by one of its private capital partners, Corbel Capital Partners.
Edition Logistics Management is the largest independent last mile trucking company in New England, including less-than-truckload, parcel delivery and dedicated truckload. ELM is the transportation and logistics private equity affiliate of Edition Capital Partners.
“As we have experienced in our previous transactions with Pacific Mercantile Bank, their team was able to quickly understand the operating model and provide a fast and efficient closing process for the new credit line,” said Brian Yoon, Principal at Corbel Capital Partners. “With the bank financing in place, Edition Logistics Management will have the ability to continue expansion into new markets, grow the company, and enhance its value of all stakeholders.”
“We appreciate the opportunity to work with Corbel Capital Partners on another transaction for one of their portfolio companies,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “We have a great deal of experience working with companies in the transportation and logistics industry and we look forward to supporting Edition Logistics Management as it continues to grow in the future.”
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.
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