Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that it has provided a $14 million financing package to IPS Group to support the company's growth and working capital needs. The financing package consists of a term loan, a revolving line of credit, and a commercial real estate loan. In addition to the financing, IPS Group will utilize Pacific Mercantile Bank's treasury management, electronic banking, and wire services.
IPS Group, headquartered in San Diego, is a design, engineering and manufacturing company focused on intelligent parking technologies and wireless communications. IPS designs, assembles and supports its products in San Diego, California and has been delivering world-class solutions to the telecommunications and parking industries for over two decades. The company is best known for its patented credit card enabled, solar powered single-space parking meter and web-based management system.
"We were very impressed with the level of experience that the Pacific Mercantile team had and their understanding of the banking needs of a high growth technology company," said David W. King, President and Chief Executive Officer of IPS Group. "We evaluated a number of other banks and there was a clear difference in the level of professionalism that Pacific Mercantile offered and their commitment to being a true financial partner motivated to help us achieve our goals."
"IPS Group is a true innovator that is driving the change to more convenient and efficient parking meters in cities around the world," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "IPS has grown rapidly over the past several years and we are very excited to support their continued expansion both domestically and internationally."
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 banking 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.
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.
Source: Pacific Mercantile Bank