Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp (PMBC), announced that it has provided a $6.5 million credit facility to Survival Systems International, Inc. (SSI). In addition to the financing, Survival Systems International utilizes a full suite of Pacific Mercantile Bank’s depository products and treasury management services.
Headquartered in San Diego, Survival Systems International, Inc. is an innovative lifeboat manufacturing company that provides offshore operators with the equipment, the instruction and the knowledge to achieve a safe evacuation when an emergency occurs on an offshore installation. With 10 service bases worldwide, SSI focuses on marine safety through routine maintenance, overload testing, fast rescue craft maintenance, and onshore/offshore repairs. In 50 years of continuous service to the industry, SSI’s single cable launched survival systems have successfully evacuated over 2,200 offshore personnel in more than 60 emergency incidents. Extending its passion for survival and lifesaving, SSI produces ballistic foam for military helicopters and airplanes to increase survivability. It has developed and grown this market by commencing the production of assemblies, ranging from outer panels to foam cores for rotating blades.
“In evaluating potential banking partners, Pacific Mercantile Bank set themselves apart from the competition by understanding our business needs in a way that no other bank has,” said George Beatty, CEO of Survival Systems International. “Their Horizon Analytics® tool provides great insight into our business and demonstrated Pacific Mercantile Bank’s strong commitment to helping our company succeed. With the support of Pacific Mercantile Bank, we can continue delivering the best lifeboat equipment and training in the industry and ensuring that offshore operators have the tools they need to safely evacuate their personnel in the event of emergencies.”
“Offshore operators around the world rely on Survival Systems International to keep their personnel safe,” said Jeanette Melton, Vice President and Senior Relationship Manager at Pacific Mercantile Bank. “We are very pleased to support the company and help it to continue its important work to innovate and advance marine safety.”