Pacific Mercantile Bank Provides $7.0 Million Credit Facility to Winc, Inc.
COSTA MESA, Calif. , March 02, 2021 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $7.0 million credit facility to Winc, Inc., an online winery and wine club. In addition to the financing, Winc utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Winc is a modern winery with a direct connection to the consumer, building a portfolio of brands for the next generation of wine drinkers. After launching in 2011 with the goal of making discovering great wine easy, Winc continues to disrupt the $220 billion wine industry. Driven by the vision of a great bottle on every table and a great story in every bottle, Winc seeks to create more custom experiences for its members and bring ease and exploration to the process of buying and enjoying wine. The company's unrivaled access to consumer insights has helped shape the development of iconic brands like Summer Water Rose®, the viral hit embodying the rosé state of mind, and Folly of the Beast®, the supremely accessible Pinot Noir of uncompromising quality. In addition to its online subscription service, Winc’s sought-after brands are available in progressive restaurants and premium retailers nationwide.
“We have seen a dramatic increase in subscribers since the start of the COVID-19 pandemic as consumers have gravitated towards our convenient, highly personalized approach for delivering a unique wine experience at an affordable price,” said Carol Brault, Vice President of Finance for Winc. “Given the incredible growth we are seeing, we needed a banking partner that could support our continued expansion and development of new brands to offer consumers, including our new line of health-conscious wines under the Wonderful Wine Co umbrella. Pacific Mercantile Bank’s expertise in the food and beverage space helped them quickly understand our business model and develop a customized credit facility that will enable us to continue investing in our business, adding subscribers, and taking market share in the future.”
“Winc has effectively used technology and a commitment to innovation to build a highly differentiated niche and become one of the top 50 wineries in the United States,” said Jeremy Schmidt, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We look forward to working with the company as more consumers discover its unique selection of wines and supporting its continued growth in the years ahead.”
About Pacific Mercantile Bank
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 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:
Sean Foley
Chief Banking Officer
714-277-1495
