COSTA MESA, Calif., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it has provided a $7.8 million owner-occupied commercial real estate loan to finance the expansion of MonkeySports Capital, a sporting goods retailer. In addition to the financing, MonkeySports utilizes Pacific Mercantile Bank’s depository products and treasury management services.
MonkeySports is a leading retailer of ice hockey, lacrosse, baseball and softball equipment. MonkeySports operates 11 retail stores in California, Texas, New Jersey, Massachusetts, Colorado, New Hampshire, Sweden and Canada. The company also runs six online stores, including its flagship site www.hockeymonkey.com, the largest e-commerce hockey site as measured by traffic, product offering and sales. Founded in 1999, the company has leveraged its reputation as a premier provider of hockey equipment to steadily expand into additional sports.
“We are seeing attractive opportunities to expand the MonkeySports brand both nationally and internationally,” said John Naaman, CEO of MonkeySports. “The financing provided by Pacific Mercantile Bank will enable us to expand our warehouse and increase our presence in the Northeastern United States and Canada, two of the largest markets for hockey and lacrosse equipment sales. We spoke with a number of banks and Pacific Mercantile demonstrated the strongest understanding of our cash flow cycle, and provided us with flexible and timely solutions. They made the process of obtaining financing very simple so that we could devote more of our attention to operating the business and moving ahead with our growth strategies.”
“MonkeySports has grown from one small hockey equipment store in 1999 to a burgeoning international omni-channel franchise,” said Jim Roby, Senior Vice President at Pacific Mercantile Bank. “We are excited to work with the company and support the continued growth of the MonkeySports brand.”
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 (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.
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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