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COSTA MESA, Calif., May 18, 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 revolving line of credit to Quality Candy Company, LLC (“Quality Candy”), a manufacturer and distributor of high quality hard candy and soft sugar candy. Along with the financing, Quality Candy utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
In addition to a leading position in the foodservice market, Quality Candy produces and sells two distinct lines of branded products: King Leo®, the oldest continuously sold brand of peppermint candy, dating back to 1901; and Gilliam®, a brand of colorful stick candy and high quality hard candy dating back to 1927. Combined, the two brands make Quality Candy the leading manufacturer of stick candy in North America. Quality Candy also provides contract manufacturing services to leading marketers of both mass and niche product lines.
“For years we worked with a large national bank, but had become increasingly dissatisfied with the level of service and responsiveness as our financing needs evolved,” said Laurie Redmond, President & CEO of Quality Candy. “As we evaluated new banking relationships, we were very impressed with Pacific Mercantile Bank’s experience in the food and beverage industry, which enabled it to truly understand our business and structure a customized credit facility that meets our borrowing needs. The valuable insight that Pacific Mercantile provided through their Horizon Analytics® tool was also a key differentiator from the other banks we considered. With the new credit facility in place, we have the ability to continue executing on our strategies to further grow and diversify our business.”
“Quality Candy is a truly inspiring entrepreneurial success story,” said Lisa Wright, Senior Vice President and Regional Manager at Pacific Mercantile Bank. “From starting the business out of a small apartment in 1986, Quality Candy has grown into one of the leading candy manufacturers in the world with a customer list that includes most of the largest and best-known retailers and companies in the foodservice industry. We are excited to help support the continued growth of the company 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.
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.
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.
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