PALO ALTO, Calif.--(BUSINESS WIRE)--
Peninsula
Bank Business Funding (“PBBF”), a division of The Private Bank of
the Peninsula, today announced that it successfully funded a new working
capital line of credit with StemCyte, Inc., a client of PBBF since July
of 2009. StemCyte intends to use the new credit facility, up to
$2,500,000, for its capital obligations and general working capital
purposes.
“I am pleased that we were able to expand our relationship with
StemCyte,” said Mike
Hansen, Executive Vice President of PBBF. “They are a leader in
their market and we look forward to being a part of their long-term
success.”
Headquartered in Covina, CA and Ewing, NJ, with locations in the U.S.,
India and Taiwan, StemCyte has established one of the largest, most
racially diverse, and highest quality cord blood stem cell banks in the
world. They are the only for-profit company contracted by the U.S.
Department of HHS to establish a public National Cord Blood Inventory
for unrelated transplant units. (StemCyte.com)
“PBBF has been a valuable partner and really went the extra mile to
understand our financing needs," said Tom Flaherty, Vice President -
Finance of StemCyte, Inc. “This line of credit will allow us to continue
to expand our operation.”
About PBBF
A division of The Private Bank of the Peninsula, PBBF provides
asset-based lending products to emerging growth and venture-backed
companies throughout the United States.
About the Bank
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Co. (OTCBB:PBKH), is headquartered in Palo Alto, California. The
Private Bank focuses on the banking needs of businesses and individuals
primarily in the Greater San Francisco Bay Area. The Bank provides
personalized, relationship-based service, giving clientele access to
senior level decision-makers. The Bank specializes in the following
markets: commercial & industrial, asset based, real estate construction,
commercial real estate, and real estate bridge financing.
Source: The Private Bank of the Peninsula
Contact:
The Private Bank of the Peninsula
Steve Leen, 650-843-2204
Chief
Financial Officer
www.the-private-bank.com