Pacific Mercantile Bank Provides $4 Million in Financing to Kineticom

COSTA MESA, Calif., Sept. 20, 2017 -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that the Bank’s Asset-Based Lending Group has extended a $4 million revolving line of credit to Kineticom Inc., an industry leading telecommunications and IT staffing agency.  In addition to the financing, Kineticom utilizes a full suite of Pacific Mercantile Bank’s depository products and cash management services. 

Based in San Diego, Kineticom is the global home for top technical talent, building effective, flexible workforces for enterprises in a wide range of industries, with a focus on engagement, retention and growth.  With offices throughout the U.S., Kineticom’s team of industry veterans has over 100 years of collective experience in IT, wireless and tower, and is uniquely qualified to fill roles in these highly specialized, ever-evolving spaces.

“As a staffing agency, we have a unique cash flow cycle that differs from most other industries,” said Jennifer Hawk, Chief Financial Officer of Kineticom.  “Pacific Mercantile Bank had experience working with our industry and was able to customize a credit facility to meet our specific working capital needs.  The line of credit provided by Pacific Mercantile Bank will enable us to effectively manage our liquidity as we continue to add clients and grow the business.”

“Kineticom’s commitment to exceeding client expectations has resulted in long-lasting relationships,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank.  “Since opening its doors in 1999, Kineticom has seen dramatic growth and now works across 47 states.  We are pleased to support their continued growth and success.”

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 operates a total of nine offices 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 cash 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
714-438-2500