Pacific Mercantile Bank Provides $4.75 Million Credit Facility to Fragrant Jewels
COSTA MESA, Calif., June 21, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended a $4.75 million commercial term loan credit facility to Fragrant Jewels. In addition to the financing, Fragrant Jewels will utilize the full suite of Pacific Mercantile Bank’s depository products and cash management services. Fragrant Jewels was referred to Pacific Mercantile Bank by its financial advisory firm, Parkfield Capital Advisors.
Based in Los Angeles, Fragrant Jewels offers a wide selection of scented candles and bath products that feature hidden jewelry. Each product comes with a chance to win a ring valued up to $10,000. By combining the best hand-crafted products with amazing customer service, Fragrant Jewels has built a loyal and growing customer base for its unique selection of home goods.
“We wanted a flexible and responsive banking partner that could support our efforts to grow the Fragrant Jewels brand,” said Cameron Stewart, Vice President of Finance for Fragrant Jewels. “The Pacific Mercantile team analyzed our business model, provided valuable insight on our working capital needs, and then customized a credit facility to provide the funding we needed to meet our growth targets.”
“We appreciate Parkfield Capital Advisors introducing us to Fragrant Jewels,” said Rob Parks, Senior Vice President of Pacific Mercantile Bank. “We look forward to helping Fragrant Jewels continue on its strong growth trajectory and providing additional insight using Horizon Analytics® to support their financial and strategic planning efforts.”
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 Parkfield Capital Advisors
Parkfield Capital Advisors LLC is a leading boutique financial advisory firm located in Manhattan Beach, California. Parkfield focuses on advising companies and their stakeholders on balance sheet restructurings and private placements of debt and equity. The firm was founded by Andres Pinter in 2014.
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
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