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Pacific Mercantile Bank has announced an $8.0 million credit facility to Upstrēm, Inc., a leader in online surplus retail footwear and apparel reselling. This financing is complemented by a suite of banking services from Pacific Mercantile. Upstrēm aims to expand its operations into apparel, leveraging its technology to enhance inventory recovery for retailers. The partnership was facilitated by Corbel Capital Partners, which recently invested in Upstrēm. The bank's customized support reflects its commitment to helping high-growth companies navigate challenges, including those posed by the COVID-19 pandemic.
Pacific Mercantile Bancorp (PMBC) reported a strong financial performance for Q3 2020, with net income of $5.1 million, or $0.21 per share, up from $1.9 million in Q2 2020. The bank saw a 7% increase in net interest income, driven by a decrease in interest expense of 22.1%. Noninterest income soared by 91.7%, attributed to a gain on SBA loans and increased service fees. The bank reduced borrowings significantly, and non-performing loans fell by 32%. Overall, PMBC is positioned to benefit from ongoing improvements in its deposit structure and asset quality.
Pacific Mercantile Bancorp (Nasdaq: PMBC) has appointed Anne McCallion to its board of directors, bringing nearly 30 years of financial services experience. McCallion previously served as Chief Enterprise Operations Officer and Chief Financial Officer at PennyMac Financial Services. The Chairman stated her expertise will help create long-term shareholder value. McCallion emphasized the bank's focus on supporting midsized Southern California businesses. PMBC operates as a California state-chartered bank, offering various commercial banking services.
Pacific Mercantile Bank has successfully processed over $290 million in Paycheck Protection Program (PPP) loans for nearly 700 businesses in Southern California as of June 15, 2020. This initiative has supported over 36,000 employees in the region. The Bank initiated its loan application process on April 3, 2020, and developed resources to aid clients in loan forgiveness. Additionally, it has welcomed about 300 new clients during the process, providing access to its proprietary Horizon Analytics tool to assist clients in long-term financial planning.
Pacific Mercantile Bancorp (Nasdaq: PMBC) announced Denis P. Kalscheur's appointment as Chairman of the Board, succeeding Edward J. Carpenter, who retired after serving since 2012. Kalscheur, a board member since 2015, brings extensive experience, having held leadership roles in prominent financial and aviation companies. He aims to leverage the diverse board's insights to enhance shareholder value and strengthen the Pacific Mercantile franchise. The company's strategic direction will continue focusing on high-quality banking services amid the ongoing challenges posed by the COVID-19 pandemic.
