Pacific Mercantile Bank Provides Financing to Support Growth of Intergro Rehab Services
COSTA MESA, Calif., May 28, 2015 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (Nasdaq:PMBC), today announced that it has extended a line of credit to Intergro Rehab Services to help support the company's continued growth. In addition to the line of credit, Intergro will utilize Pacific Mercantile Bank's treasury management services and demand deposit products.
Founded in 1990 by Sherri Tong, P.T., Intergro Rehab Services provides quality physical, occupational and speech therapy services to patients in skilled nursing facilities, assisted living centers and outpatient clinics in California. The company prides itself on the ability to meet the needs and surpass the expectations of each healthcare environment with which it is aligned. With over 400 dedicated staff members, Intergro assists its clients in restoring their physical well-being and quality of life. Intergro's dedicated staff has experience in diverse settings with a variety of medical conditions including orthopedic, neurological and general medical. Enhancement and preventative programs are also provided. In addition to individualized therapy care, Intergro can train facility staff, provide temporary staffing or contract necessary services.
"As we celebrate our 25th anniversary, we continue to see excellent growth opportunities and needed access to more capital in order to pursue our expansion plans," said Sherri Tong, Chief Executive Officer of Intergro Rehab Services. "We turned to Pacific Mercantile Bank for our new line of credit because they were able to fully understand our business model and develop a creative financing solution that is well suited for our needs."
"Over the past 25 years, Intergro has established a reputation for providing exceptional quality rehabilitation service that exceeds client expectations," said Tom Vertin, President of Commercial Banking for Pacific Mercantile Bank. "Intergro's commitment to integrity, honesty and always doing the right thing for patients has helped the company steadily expand its customer base and we are very pleased to help support their continued growth."
About Pacific Mercantile Bank
Pacific Mercantile Bank opened for business March 1, 1999. The Bank, which is FDIC insured and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business owners and business professionals through its combination of traditional banking offices and comprehensive, sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of nine banking offices in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. In addition, the Bank offers comprehensive online banking services accessible at www.pmbank.com. Pacific Mercantile Bancorp (Nasdaq:PMBC) is the parent holding company of Pacific Mercantile Bank.
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.
CONTACT: Robert Sjogren EVP & Chief Operating Officer 714-438-2500