Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that it has extended $6.6 million in financing to Magna Transportation Group, a transportation and logistics company based in Rancho Cucamonga.  The financing consists of a revolving line of credit, a non-revolving line of credit, and a bridge loan.  In addition to the financing, Magna Transportation Group utilizes a full suite of Pacific Mercantile Bank’s cash management services and corporate credit card. 

Magna Transportation Group is a portfolio group of specialty freight carriers, which also offers brokerage and project management services related to over-dimensional and heavy moves throughout the U.S., Canada and Mexico.  With over 30 years of expertise in the specialized and heavy haul industries, Magna Transportation Group was founded in a direct response to the state of the heavy commercial construction market in the United States.  The trifecta of badly-aging U.S. infrastructure in need of replacement, a projected rebound of the heavy commercial construction division since the recession of 2008-2009, and the announcement of several major construction projects in California led to the inception of Magna Transportation Group.

“Our company has grown over 700% since 2014,” said Kirk Jensen, Chairman of Magna Transportation Group.  “With the rapid growth we have experienced, we needed a banking partner that was flexible, responsive and capable of meeting our increased borrowing needs.  Pacific Mercantile has provided a level of service that we were not getting with our prior bank, and we have received valuable insight from the analysis they performed on our company with Horizon Analytics® .The financial resources and advice that Pacific Mercantile provides will be extremely valuable to the continued growth of our company.”

“Magna Transportation Group has built a broad and loyal customer base and won significant new contracts related to major projects for Stanford University and the Los Angeles Rams that provide strong visibility on their future growth,” said Mark Martinez, Senior Vice President and Regional Manager Ontario Region of Pacific Mercantile Bank.  “We are excited to be working with the company and supporting the growth of their business.”