Pacific Mercantile Bank Expands Relationship with Simpson Sandblasting & Special Coatings, Inc.

COSTA MESA, Calif., Dec. 22, 2020 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $2.45 million credit facility to Simpson Sandblasting & Special Coatings, Inc. (“Simpson Sandblasting”), a company that first became a client of Pacific Mercantile through the Bank’s participation in the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). The new credit facility will be utilized to refinance an existing owner-occupied commercial real estate loan, provide a revolving line of credit for working capital/bonding needs, and provide financing for equipment purchases.

Headquartered in Fontana, California, Simpson Sandblasting & Special Coatings, Inc. specializes in sandblasting and painting water storage reservoirs, pump stations, clarifiers, digesters, bridges, concrete reservoirs, water treatment plants as well as elevated and petroleum tanks. Simpson Sandblasting is also one of the few companies equipped and experienced to remove and apply coal tar enamel as well as other specialized coatings on the west coast. Simpson Sandblasting’s reputation of excellence has allowed the company to expand operations into other states such as Nevada, Arizona, Oregon, Washington, New Mexico and Utah.

“I have been searching for a bank that treated their customers as partners whose focus of growing and developing long-term relationships were aligned,” said Ryan Simpson, President of Simpson Sandblasting. “I am excited to have been able to find that partnership with Pacific Mercantile Bank. After they were able to help us access PPP funding, we were very impressed with the responsiveness of their bankers, the capabilities of their treasury management solution, and the valuable insight they were able to provide through their Horizon Analytics tool. As a result, we decided to move our entire credit and deposit relationship to Pacific Mercantile Bank.”

“Ryan Simpson and his team at Simpson Sandblasting are the type of owner and operating company that we love working with – an experienced management team, a loyal customer base, and an attention to detail that has made them a prominent force in their industry,” said Ken Overby, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We are very pleased that we had the opportunity to show them all the ways that Pacific Mercantile can help their business succeed and have turned a PPP client into a full banking relationship.”