COSTA MESA, Calif., March 20, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has extended $6.6 million in financing to Magna Transportation Group, a transportation and logistics company based in Rancho Cucamonga.  The financing consists of a revolving line of credit, a non-revolving line of credit, and a bridge loan.  In addition to the financing, Magna Transportation Group utilizes a full suite of Pacific Mercantile Bank’s cash management services and corporate credit card. 

Magna Transportation Group is a portfolio group of specialty freight carriers, which also offers brokerage and project management services related to over-dimensional and heavy moves throughout the U.S., Canada and Mexico.  With over 30 years of expertise in the specialized and heavy haul industries, Magna Transportation Group was founded in a direct response to the state of the heavy commercial construction market in the United States.  The trifecta of badly-aging U.S. infrastructure in need of replacement, a projected rebound of the heavy commercial construction division since the recession of 2008-2009, and the announcement of several major construction projects in California led to the inception of Magna Transportation Group.

“Our company has grown over 700% since 2014,” said Kirk Jensen, Chairman of Magna Transportation Group.  “With the rapid growth we have experienced, we needed a banking partner that was flexible, responsive and capable of meeting our increased borrowing needs.  Pacific Mercantile has provided a level of service that we were not getting with our prior bank, and we have received valuable insight from the analysis they performed on our company with Horizon Analytics® .The financial resources and advice that Pacific Mercantile provides will be extremely valuable to the continued growth of our company.”

“Magna Transportation Group has built a broad and loyal customer base and won significant new contracts related to major projects for Stanford University and the Los Angeles Rams that provide strong visibility on their future growth,” said Mark Martinez, Senior Vice President and Regional Manager Ontario Region of Pacific Mercantile Bank.  “We are excited to be working with the company and supporting the growth of their business.”

About Pacific Mercantile Bancorp

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.

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