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COSTA MESA, Calif., Dec. 11, 2019 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (PMBC), today announced that it has provided a credit facility to Mako Steel. The credit facility supplements the recent investment in Mako Steel made by New State Capital Partners, as well as provides for ongoing working capital needs. In addition to the financing, Mako Steel utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Founded in 1993, Mako Steel designs, supplies, and installs steel buildings for the self-storage industry. Their services include the design and construction of single-story, multi-story, conversions, custom buildings, auto, boat, & RV storage, building components, container storage, engineering services, metal buildings, mobile, portable & container storage, and roofing. Based in Carlsbad, California, Mako Steel has operations located throughout the country and specializes in working with first-time customers. Mako Steel was named "Best Builder" five years in a row by Inside Self-Storage.
“We are very excited about partnering with New State Capital Partners and taking our business to the next level,” said Caesar Wright, CEO of Mako Steel. “Pacific Mercantile Bank played an integral role in this transaction. Their team was able to quickly understand our business model and customize a credit facility that will enable us to continue investing in our business and capitalize on the strong growth opportunities that we are seeing across the country.”
“Mako Steel has built a leadership position in the high growth market for commercial and residential storage,” said Josh Skevington, Senior Operating Partner of New State Capital Partners. “We previously worked with Pacific Mercantile Bank on the financing for another one of our portfolio companies. When the opportunity arose with Mako Steel, we knew that Pacific Mercantile Bank could provide the quick turnaround that we needed to meet our timeline for completing this transaction.”
“We appreciate New State Capital Partners bringing us in on another one of its transactions,” said Rob Parks, Senior Vice President at Pacific Mercantile Bank. “The firm has a long track record of adding value to its portfolio companies and we expect Mako Steel to continue to flourish as a result of its partnership with New State Capital Partners.”
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.
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:
EVP, Head of Relationship Banking