Pacific Mercantile Bank Provides Critical Support to Southern California Businesses With Over $290 Million in Paycheck Protec...
17 Giugno 2020 - 2:00PM
Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary
of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that
it has originated over $290 million in Paycheck Protection Program
(“PPP”) loans through June 15th for almost 700 businesses in
Southern California. The businesses assisted by Pacific
Mercantile Bank in accessing the PPP funding represent an aggregate
workforce of more than 36,000 employees.
Following the passage of the Coronavirus Aid, Relief, and
Economic Security Act (“CARES” Act) on March 27, 2020 that created
the PPP, Pacific Mercantile Bank was able to quickly establish its
PPP loan application process and begin processing applications on
April 3, 2020, the first day of the program’s implementation by the
Small Business Administration.
In step with their consultative approach to their clients,
Pacific Mercantile Bank created a full suite of resources to help
them fully understand and prepare for the loan forgiveness process
of the PPP, including:
- A video providing guidance on how to maximize loan
forgiveness
- A loan forgiveness calculation tool to help companies track
eligible expenses and determine loan forgiveness amount
- A video tutorial on how to utilize the loan forgiveness
calculation tool
- A downloadable checklist of eligible expenses and a loan
forgiveness resource guide
The PPP web page created by Pacific Mercantile Bank has been a
valuable tool for keeping their clients updated on changes made by
Congress and the SBA, as the program has evolved. In the
coming weeks, an online application for requesting loan forgiveness
will be launched to make the process as quick and efficient as
possible for Pacific Mercantile Bank clients.
As with all of its commercial clients, Pacific Mercantile Bank’s
PPP borrowers are able to utilize the Bank’s proprietary Horizon
Analytics® tool at no charge. Horizon Analytics is a
customized financial modeling tool that helps companies plan for
long term success by building cash flow forecasts, assess
profitability under various scenarios, and identify optimal capital
structures.
“The role of community banks in supporting local economies and
businesses has never been more important than it is now as we deal
with the impact of the COVID-19 pandemic,” said Brad R. Dinsmore,
President & CEO of Pacific Mercantile Bank. “I’m
incredibly proud of the hard work our team did in just a few days
to set up our PPP application process, begin proactively reaching
out to clients to determine if they wanted to utilize the PPP
funding, and then quickly getting applications processed and funded
so that businesses could maintain operations and continue paying
employees on time. Our process was so efficient that we were
able to open it up to new clients that weren’t being helped by
their previous bank. To date, we have added close to 300 new
clients as a result of our assistance in helping them apply for a
PPP loan. After funding PPP loans for our clients, we have
stayed in close contact to help them understand how to successfully
qualify for loan forgiveness, keep them apprised of changes to the
criteria, and guide them through the forgiveness process.
“We are excited to have the opportunity to introduce our Horizon
Analytics tool to these new clients. The insight provided by
Horizon Analytics is unlike any analysis and advice they have
received from a community bank and will be extremely valuable in
helping them to evaluate and plan for possible recovery scenarios
as the economy strengthens in the future. From the immediate
assistance of helping clients access PPP funding to the value we
provide in long-term strategic and financial planning with Horizon
Analytics, we have never been better positioned to fulfill our
mission To Help Companies Succeed,” said Mr. Dinsmore.
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
Grafico Azioni Pacific Mercantile Bancorp (NASDAQ:PMBC)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Pacific Mercantile Bancorp (NASDAQ:PMBC)
Storico
Da Lug 2023 a Lug 2024