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COSTA MESA, Calif., Sept. 12, 2019 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (PMBC), today announced that it has provided a $4.5 million credit facility to BTG Textiles. In addition to the financing, BTG Textiles utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Based in Los Angeles, BTG Textiles is a manufacturer and distributor of premium quality linens and textiles to the hospitality, healthcare, spa/salon, and commercial laundry industries. Since its founding in 2011, BTG Textiles has been providing the highest quality and service to customers nationally and internationally. With a recognized tradition, BTG Textiles focuses on product innovation and durability in the textile market. Beginning in its own manufacturing mills in Bangladesh, Portugal and Pakistan, BTG Textiles controls the quality of its products and ensures competitive market pricing.
“One of the keys to our success has been maintaining our inventory at a level that enables us to rapidly respond to customer demand,” said Soleman Chowdhury, CEO of BTG Textiles. “As a result, efficiently financing our working capital needs is a critical component of our business model. The team at Pacific Mercantile Bank took the time to understand our needs and customize a credit facility that suits our unique working capital requirements. We have also found great value in the Bank’s Horizon Analytics®, which has provided insight into the best way to enhance the value of our company.”
“We are very pleased that we were able to offer BTG Textiles a more efficient way to finance its working capital requirements,” said Jeremy Schmidt, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We look forward to providing advice and financial solutions that will help BTG Textiles continue to grow its business and strengthen its position as a leader and innovator in textile products and services.”
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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EVP & Chief Banking Officer