COSTA MESA, Jun 08, 2021 (GLOBE NEWSWIRE via COMTEX) --
COSTA MESA, Calif., June 08, 2021 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp , today announced that it has provided a $7.5 million revolving line of credit to Mason-West, LLC
, the premier western regional distributor of engineered seismic restraint systems and vibration isolation products manufactured by Mason Industries of New York. Along with the financing, Mason West utilizes a full suite of Pacific Mercantile Bank's treasury management products and services. Mason West is a portfolio company of Gladstone Investment Corporation
, a publicly traded Business Development Company ("BDC"), and KCM Capital Partners LLC.
Mason West is a sales and engineering company based in Southern California that offers engineered products and services throughout California, Nevada, and Hawaii. The company provides seismic restraint systems, vibration isolation controls, noise control services, and flexible connection systems for equipment and related utilities to contractors and engineers seeking to create or improve commercial and industrial buildings. Mason West's in-house design and engineering team, AJ Engineering, LLC, offers state-of-the-art professional design engineering services that address the mechanical, electrical, and plumbing systems that require more complex engineering for seismic restraints. Mason West's combination of products and engineering services, unique in the industry, has been optimized to provide its customers (design consultants, contractors and building owners) with everything necessary for a complete, code compliant seismic design.
"Following our acquisition of Mason West, we looked for a banking partner that could support the company as it enters its next phase of growth," said Travis Steele, Principal at Gladstone Investment Corporation. "Pacific Mercantile Bank fit all the criteria we wanted: a highly responsive team, the flexibility to customize a line of credit to specifically suit our needs, and a great deal of experience working with companies involved in M&A transactions. We also appreciated the strategic and financial insight that Pacific Mercantile provided through their Horizon Analytics(R) tool, which no other community bank could offer."
"We appreciate having another opportunity to work with a portfolio company of Gladstone Investment Corporation," said Rob Parks, Senior Vice President and Business Development Officer at Pacific Mercantile Bank. "We have successfully worked together in the past to support the continued growth of their portfolio companies and look forward to helping Mason West as it continues to expand its operations."
"Since its founding in 1973, Mason West has successfully capitalized on the dramatic increase in demand for seismic restraint systems in commercial projects to consistently grow its business," said Thomas Fagan, Senior Relationship Manager at Pacific Mercantile Bank. "Working with Mason West and Gladstone, we were able to understand the company's working capital needs and provide an asset-based line of credit that will enable Mason West to effectively pursue its growth opportunities."
About Pacific Mercantile Bank
Pacific Mercantile Bancorp 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(R)
Horizon Analytics is Pacific Mercantile Bank's proprietary financial tool that provides a level of insight and analysis uncommon for middle-market 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 .
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:
Chief Banking Officer
Is there a problem with this press release? Contact the source provider Comtex at email@example.com. You can also contact MarketWatch Customer Service via our Customer Center.
(C) Copyright 2021 GlobeNewswire, Inc. All rights reserved.