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COSTA MESA, Calif., Sept. 25, 2019 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (PMBC), today announced that it has provided a $3.0 million credit facility to Delicate Productions, consisting of a term loan and a revolving line of credit. In addition to the financing, Delicate Productions utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Operating out of the Los Angeles area, Delicate Productions is an award-winning provider of professional audio, lighting and video services. For 40 years, Delicate Productions has brought unparalleled technical knowledge and service to clients in the concert, festival, touring, live and corporate event industries. The company’s extensive inventory of cutting-edge audio, lighting, and multimedia video technologies, paired with the experience of the industry’s top technicians, engineers and production designers, provides its clients with the Delicate Productions difference: events that are visually striking, masterfully engineered, and flawlessly executed.
“One of the biggest challenges in the production industry is managing working capital through the seasonal ebbs and flows in our business,” said Harvey Ross, Executive Vice President of Delicate Productions. “Pacific Mercantile Bank demonstrated a strong understanding of our unique business model and put together a customized credit facility to support our ongoing capital needs. They were also able to use their Horizon Analytics® tool to provide insight into the best strategies for maximizing the value of our company in the coming years, which is a level of consulting we have never received from another commercial bank.”
“Since 1980, Delicate Productions has provided superior customer service and created world-class events for some of the biggest names in the touring, corporate and live entertainment industries,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “The company has built a large and loyal customer base that keeps coming back to them for their production needs year after year, and we are excited to have the opportunity to support their continued growth and success.”
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 (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.
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.
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.
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