{"id":391582,"date":"2020-12-02T08:03:16","date_gmt":"2020-12-02T13:03:16","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=391582"},"modified":"2020-12-02T08:03:16","modified_gmt":"2020-12-02T13:03:16","slug":"pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/","title":{"rendered":"Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc."},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"left\">COSTA MESA, Calif., Dec.  02, 2020  (GLOBE NEWSWIRE) &#8212; Pacific Mercantile Bank (\u201cthe Bank\u201d), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided an $8.0 million credit facility to Upstr\u0113m, Inc. (\u201cUpstr\u0113m\u201d), a technological leader in the online reselling of surplus retail footwear and apparel stocks. In addition to the financing, Upstr\u0113m utilizes a full suite of Pacific Mercantile Bank\u2019s depository products and treasury management services.\u00a0\u00a0 Upstr\u0113m was referred to Pacific Mercantile Bank by <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=oA3S75fyPlwacvN2ITmFxCBpG-e2xsqgGvjGrmAeS4NYsZ4zFWq-wWuX-i0DFPDQWsqVMM4p1l2bDB22nwMkiscqpppRvpi_zPl5Ah1OJ7U=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Corbel Capital Partners<\/a>, a structured debt and equity fund that recently made an investment in Upstr\u0113m.<\/p>\n<p>Headquartered in San Diego, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=wECQdgtQswYdQQ7S_Gsnpt5LoIiryPq1dMGmtGxrvHOMyTW6-VpHz7Lzm6l4VBg545gFU_Yj8Hyv7893nOyEDg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Upstr\u0113m<\/a> is a technology-enabled liquidator of post-retail soft goods. Working with retailers around the world, Upstr\u0113m has developed technology to maximize the speed and efficiency of processing excess goods from its liquidation partners. With a state-of-the-art fulfillment center in Louisville, KY, Upstr\u0113m operates across multiple online marketplaces worldwide, as well as provides a strong and efficient secondary market to maximize recovery rates and market information for its retail partners.<\/p>\n<p>\u201cOur success in providing a full-service solution that enables retailers to maximize their return on challenged inventory has led to significant growth in our client base,\u201d said Jake Risman, CEO of Upstr\u0113m. \u201cHaving proven our capabilities in the footwear category, we are now expanding to apparel and significantly increasing our total addressable market. After Corbel Capital Partners completed its investment in our company, they introduced us to a bank they knew could support our continued expansion. Pacific Mercantile Bank developed a credit facility tailored to our needs and provided valuable insights through its <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JA0fXRFp5N-GCXu-0t6sCArdOkxw32n6qiXoRT0Q7nIdgg9kG9d6ATiWhKlu2dHaweMuomuHxEb5ot7NKr2zFbWzhDLsvLCChr6swgXkbIjDCfM404m5dlmGw-41S2Dm\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><em>Horizon Analytics\u00ae<\/em><\/a> tool that has helped inform our plans for further increasing the value of our company.\u201d<\/p>\n<p>\u201cWe have worked with Pacific Mercantile Bank on a number of deals in the past and we thought they would be the ideal partner to assist a high growth company that has leveraged its talent and technology to become a dominant re-commerce player,\u201d said Michael Jones, Principal of Corbel Capital Partners.<\/p>\n<p>\u201cWe appreciate Corbel Capital introducing us to another exceptional company in their portfolio,\u201d said Rob Parks, Senior Vice President at Pacific Mercantile Bank. \u201cWorking in tandem with Thomas Fagan from our Asset Based Lending team, we were able to overcome the disruptions presented by the COVID-19 pandemic and deliver a customized solution to support Upstr\u0113m\u2019s seasonal working capital needs. We are very excited about the growth opportunities available to Upstr\u0113m and we look forward to expanding our relationship in the future as they continue to enter new markets and grow their client roster.\u201d<\/p>\n<p>\n        <strong>About Pacific Mercantile <\/strong><br \/>\n        <strong>Ban<\/strong><br \/>\n        <strong>k<\/strong>\n      <\/p>\n<p>Pacific Mercantile Bancorp (NASDAQ: PMBC) is the parent holding company of Pacific Mercantile Bank, which opened for business March\u00a01, 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ZHuxjijNazXjRJWIN6Rq6sh7QG7-TaHYP_Ixc2L0y_MBs-L_bkkZxBylIle7e192mOT9fwmdXTNfLaYZla0DfA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.pmbank.com<\/a>.<\/p>\n<p>\n        <strong>About Horizon Analytics\u00ae<\/strong>\n      <\/p>\n<p>Horizon Analytics is Pacific Mercantile Bank\u2019s 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\u2019s day-to-day activities. Learn more about Horizon Analytics\u00a0and Pacific Mercantile Bank\u2019s commitment to helping companies succeed at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ZHuxjijNazXjRJWIN6Rq6nGbhNJZQFGiA-lQEEsFfCIle-nWqaZSyfXSWH0ijdv1MWh-nN8X-josRUed8pVhcIg4oqE5amcqIYmhjnHxuXKftjieHmyJqKo-6puIMPxe\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.pmbank.com\/HorizonAnalytics<\/a>.<\/p>\n<p>\n        <strong>About Corbel Capital Partners<\/strong>\n      <\/p>\n<p>Corbel Capital Partners is an independent investment firm that makes non-control investments in the form of creatively tailored structured debt or equity securities in profitable, lower middle-market businesses. Corbel manages approximately $500 million of institutional capital and makes investments which can be used to facilitate growth, buyout a minority partner, consummate a strategic acquisition, provide existing owners with near-term liquidity, or creatively finance and support independent sponsor buyouts. Corbel also offers differentiated strategic and operational support traditionally not offered by non-control investors and allows owners of businesses to retain control equity positions and the potential for later monetization events. For more information please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LUb4Q4k66LQEbuz4LVkbo-YalyAC9tkzaOHfOkLzeTfI1SmtyWgoeDRRvsGFX88QaWqC-9nmdGSn_fnQ1oTEMw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.corbelcap.com<\/a>.<\/p>\n<p>\n        <strong>Forward-Looking Information<\/strong>\n      <\/p>\n<p>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. \u00a0These statements, which constitute &#8220;forward-looking statements&#8221; 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 &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;project,&#8221; or words of similar meaning, or future or conditional verbs such as &#8220;will,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; or &#8220;may.&#8221; 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 &#8220;Risk Factors&#8221; 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\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sOpgNjBmDn04DiDsX0htGWqUrdgw-sTvwf-OLUSCMJS6hKFVTRWu-9O87tD2UZzQVerKUGdncwQe1aNqq34YAA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.sec.gov<\/a>. 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.<\/p>\n<p>\n        <strong>Pacific Mercantile Bank <\/strong><br \/>\n        <strong>Contact:<\/strong><br \/>\n        <br \/>Sean Foley<br \/>Chief Banking Officer<br \/>714-277-1495<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDk3OCMzODUxNTE3IzIwMDQxMzc=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/9d8fe7ef-45eb-4ce5-bd1e-6dba6ce96938\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>COSTA MESA, Calif., Dec. 02, 2020 (GLOBE NEWSWIRE) &#8212; Pacific Mercantile Bank (\u201cthe Bank\u201d), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided an $8.0 million credit facility to Upstr\u0113m, Inc. (\u201cUpstr\u0113m\u201d), a technological leader in the online reselling of surplus retail footwear and apparel stocks. In addition to the financing, Upstr\u0113m utilizes a full suite of Pacific Mercantile Bank\u2019s depository products and treasury management services.\u00a0\u00a0 Upstr\u0113m was referred to Pacific Mercantile Bank by Corbel Capital Partners, a structured debt and equity fund that recently made an investment in Upstr\u0113m. Headquartered in San Diego, Upstr\u0113m is a technology-enabled liquidator of post-retail soft goods. Working with retailers around the world, Upstr\u0113m has developed technology &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-391582","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"COSTA MESA, Calif., Dec. 02, 2020 (GLOBE NEWSWIRE) &#8212; Pacific Mercantile Bank (\u201cthe Bank\u201d), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided an $8.0 million credit facility to Upstr\u0113m, Inc. (\u201cUpstr\u0113m\u201d), a technological leader in the online reselling of surplus retail footwear and apparel stocks. In addition to the financing, Upstr\u0113m utilizes a full suite of Pacific Mercantile Bank\u2019s depository products and treasury management services.\u00a0\u00a0 Upstr\u0113m was referred to Pacific Mercantile Bank by Corbel Capital Partners, a structured debt and equity fund that recently made an investment in Upstr\u0113m. Headquartered in San Diego, Upstr\u0113m is a technology-enabled liquidator of post-retail soft goods. 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(\u201cUpstr\u0113m\u201d), a technological leader in the online reselling of surplus retail footwear and apparel stocks. In addition to the financing, Upstr\u0113m utilizes a full suite of Pacific Mercantile Bank\u2019s depository products and treasury management services.\u00a0\u00a0 Upstr\u0113m was referred to Pacific Mercantile Bank by Corbel Capital Partners, a structured debt and equity fund that recently made an investment in Upstr\u0113m. Headquartered in San Diego, Upstr\u0113m is a technology-enabled liquidator of post-retail soft goods. Working with retailers around the world, Upstr\u0113m has developed technology &hellip; Continue reading \"Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-02T13:03:16+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDk3OCMzODUxNTE3IzIwMDQxMzc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc.","datePublished":"2020-12-02T13:03:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/"},"wordCount":1103,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NDk3OCMzODUxNTE3IzIwMDQxMzc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/pacific-mercantile-bank-provides-8-0-million-credit-facility-to-upstrem-inc\/","name":"Pacific Mercantile Bank Provides $8.0 Million Credit Facility to Upstr\u0113m, Inc. - 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