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Pacific Mercantile Bank Provides $4 Million Credit Facility to SynergEyes, Inc.

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COSTA MESA, Calif., Dec. 06, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (PMBC), today announced that it has provided a $4.0 million credit facility to SynergEyes, Inc. consisting of a revolving line of credit and commercial term loan. In addition to the financing, SynergEyes utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.

SynergEyes is a high-performance, advanced technology specialty contact lens company focused on independent eye care professionals. SynergEyes prides itself in providing over 10,000 eye care professionals products that deliver exceptional vision to their patients across the globe. Together with the support of independent eye care professionals, SynergEyes seeks to innovate and offer products and services to help transform vision for patients with astigmatism, presbyopia and irregular cornea conditions. SynergEyes recently launched SimplifEyes 1Day lens, a hydrogel lens manufactured with advanced Tangible Science polymers. The new lens is accompanied by a software system with a subscription service that helps eye care practices offer online ordering and payment of contact lenses. The Mycontactlens.com software can be practice-branded providing their customers the convenience in ordering and paying online for their SimplifEyes 1 day lenses.

“We have seen significant growth in our business as we have executed on our strategy to expand SynergEyes from a hybrid contact lens company to a specialty contact lens company,” said Carolyn M. Maduza, Chief Financial Officer of SynergEyes, Inc. “As we continue to expand the business and add to our new line of daily disposable lenses, we looked for a new banking partner that could support our growth. Pacific Mercantile Bank demonstrated a strong understanding of our business model and was able to provide a customized credit facility that will enable us to pursue the growth opportunities we have in new lines of business and additional markets within the eye care industry.”

“SynergEyes has built a strong position in the eye care market by offering specialty contact lens technologies that weren’t previously available in a daily disposable contact lens,” said Jeremy Schmidt, Vice President and Senior Portfolio Manager at Pacific Mercantile Bank. “We look forward to being a strategic partner to SynergEyes and helping the company achieve its long-term financial goals.”

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.

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