Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that it has provided a $5 million term loan to Salon Republic to help finance the expansion of the company’s network of innovative salon studios across the country. In addition to the term loan, Salon Republic will utilize a customized suite of cash management products including Pacific Mercantile Bank’s commercial credit card.
Salon Republic is transforming the beauty industry with its network of custom designed salon studios that provide a one-of-a-kind experience for beauty professionals and their clients. Salon Republic allows beauty professionals to create their own unique salon studio environment and provide their clients with a luxurious, celebrity-level experience. Salon Republic also provides turnkey business support services so beauty professionals can focus on developing their talent, expanding their client list, and building their own personal brand. Salon Republic currently has 10 locations in California, Texas and Colorado.
“We appreciate Pacific Mercantile Bank’s willingness to invest the time to understand our business and recognize the attractive economics of the model we have developed,” said Erick Mason, Chief Financial Officer of Salon Republic. “Our salon studio concept is a complete rethinking of the ideal working environment for today’s beauty professionals. With the support of Pacific Mercantile Bank, we can continue expanding our concept and opening additional salons in new markets.”
“Salon Republic’s expertise in real estate and the beauty industry has enabled them to pioneer the salon studio concept and develop a strong business model to support the future growth of the company,” said Tom Vertin, President and Chief Executive Officer of Pacific Mercantile Bank. “We are excited to have the opportunity to work with this talented management team and play a role in their continued transformation of the beauty industry.”
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.