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Pacific Mercantile Bank Provides $11 Million in Financing to NEXT Trucking

(March 27, 2018)

COSTA MESA, Calif., March 27, 2018 (GLOBE NEWSWIRE) -- 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 an $11 million credit facility to NEXT Trucking to support the company’s continued growth.  In addition to the financing, NEXT Trucking utilizes a full suite of Pacific Mercantile Bank’s depository products, business credit cards and cash management services. 

Based in Lynwood, CA, NEXT Trucking offers an easy-to-navigate online trucking marketplace and app designed first and foremost with shippers, dispatchers and owner-operators in mind. Utilizing intelligent matching capabilities and extensive data-driven metrics that factor in preferred routes, rates and additional key touch points, drivers of small- and medium-sized trucking companies are connected directly with shippers searching for efficiency, transparency and competitive pricing.  The NEXT Trucking family has been in the logistics business for over 15 years, operating one of the largest HDTV distribution centers in Southern California.

“We are seeing strong adoption of the NEXT Trucking app by owner operators and small fleets that recognize the convenience and value they get from selecting routes and negotiating pricing directly from their smartphones,” said Lidia Yan, Chief Executive Officer of NEXT Trucking.  “As we continue to revolutionize the logistics industry, we needed a bank that had the flexibility and financial strength to support our business plan.  We were impressed with Pacific Mercantile Bank’s expertise in both technology and the logistics industry, which allowed them to customize a credit facility that suits our business model and growth trajectory.”

“NEXT Trucking has created a disruptive technology that is bringing improved efficiency and pricing to the logistics marketplace,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank.  “The company’s growth was recently accelerated by a $21 million investment led by Sequoia Capital.  This is an exciting time for NEXT Trucking and we look forward to supporting the company’s efforts to modernize the logistics industry and continuing to provide insight using Horizon Analytics® to further their 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 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 cash 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 small- to medium-sized 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:

Robert AndersonEVP & Chief Banking Officer


714-438-2500

 


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