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Pacific Mercantile Bank Provides $8MM Credit Facility to Aluratek

March 12, 2018, 08:00 AM
Filed Under: Technology

Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that it has extended $8 million in financing to Aluratek, a leading global technology company based in Irvine.  The credit facility consists of a line of credit and a term loan.  In addition to the financing, Aluratek utilizes a full suite of Pacific Mercantile Bank's depository products and cash management services.

Aluratek was founded to create and produce alluring products that are fascinating, attractive and appealing to the technology consumer market.  Having established itself as a leader in digital picture frames, Aluratek has expanded its offerings to more than 100 product solutions catering to the smartphone and tablet market.  Aluratek's product portfolio consists of a wide array of digital picture frames, Bluetooth audio accessories, USB and audio/video accessories, and mobile power and charging products.

"Aluratek's commitment to providing simple yet elegant connectivity solutions has driven our rapid growth," said John Wolikow, CEO of Aluratek.  "As we continue to expand our product offerings, we needed a banking partner with the capacity and flexibility to support our financing needs.  We are very happy to be working with Pacific Mercantile Bank.  Their team listened to our needs and developed a credit facility that provides increased flexibility and liquidity, which will allow us to access the working capital we need to continue growing our business."

"We have been impressed with Aluratek's ability to bring unique and innovative technology solutions to the market," said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank.  "We are pleased to be a part of this exciting success story and we look forward to expanding our relationship with Aluratek in the future."

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