Pacific Mercantile Bank Provides $4.0 Million Line of Credit to CRU Data Security Group
17 Février 2021 - 2:00PM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has provided a $4.0 million revolving line of credit to CRU Data
Security Group (“CDSG”), an end-to-end data storage company. The
revolving line of credit provided by Pacific Mercantile Bank is
part of a debt infusion into CDSG made alongside Merion Partners, a
small business investment company. Veber Partners, a regional
investment bank and advisor to CDSG, assisted with the acquisition
and corporate reorganization.
CDSG is a leading provider of high-quality data
security, transport and storage devices for government and military
agencies, small and medium-sized businesses, the entertainment
industry, corporate IT departments, data centers and digital
forensic investigators. CDSG ensures that sensitive, critical
information is highly secure through physical data storage and
operates with an unwavering commitment to superior quality, on-time
delivery and comprehensive customer service.
“Following our acquisition of Digistor in late
2020, we have significantly expanded our suite of secure data
storage solutions and positioned the company for accelerated growth
in the rapidly evolving world of trusted and secure data storage,”
said Randal Barber, President and CEO of CDSG. “Pacific Mercantile
Bank understood how to work collaboratively with Veber Partners and
Merion Partners to structure a credit facility that meets our
unique needs and provides the flexible financing solution that will
enable us to pursue our growth opportunities. We also appreciate
the valuable insight that Pacific Mercantile Bank was able to
provide through their Horizon Analytics® tool, which complements
our internal valuation model and informs the development of our
longer-term financial and operational strategies.”
“We appreciate Merion Partners introducing us to
CDSG,” said Rob Parks, Senior Vice President and Business
Development Officer at Pacific Mercantile Bank. “We are excited
about the significant opportunities CDSG has to expand its customer
base in the secure data storage market and we look forward to
supporting them as they continue to grow in the future.”
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.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank’s
proprietary financial tool that provides a level of insight and
analysis uncommon for middle-market 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.
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 FoleyChief Banking Officer714-277-1495
Pacific Mercantile Bancorp (NASDAQ:PMBC)
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