Square 1 Bank Announces Credit Facility to Chubbies, Inc.
03 Februar 2016 - 3:00PM
Square 1 Bank, a division of Pacific Western Bank, today announced
that it has provided a credit facility to new client, Chubbies,
Inc. an e-commerce apparel company. Proceeds from the facility will
provide working capital to finance accelerated investments in new
growth opportunities.
Based in San Francisco, Chubbies was founded by four Stanford
University graduates in 2011. Their unique line of shorts,
swimsuits and shirts has grown increasingly popular amongst a wide
variety of customers, including a strong following in the American
armed forces. The company raised a Series Seed round in April 2014
and recently announced a Series A round on February 2nd of this
year.
Chubbies’ co-founder Kyle Hency, head of finance and operations,
explained, “For the last two to three years, we've been looking for
a long-term banking partner that can scale with our accelerated
growth and we're happy to have finally found that in Square 1
Bank."
Alex ter Wee, vice president in Square 1 Bank’s technology
banking practice, said, “Chubbies has experienced phenomenal growth
in two short years—from working out of a garage in 2013 to moving
into their new headquarters in San Francisco’s Jackson Square last
year. The relentless, hardworking group has maintained a balanced,
vibrant culture throughout their evolution, staying true to their
‘the weekend has arrived’ mentality. We’re excited to see where
they go from here.”
About ChubbiesChubbies Shorts is a lifestyle e-commerce brand
based in San Francisco, California that produces clothing and
content built for the weekend. Originally selling short shorts for
men, the company has since expanded its offerings to include swim
trunks, Hawaiian shirts and half-zip sweatshirts – all produced
domestically. In addition to clothing, Chubbies places a heavy
emphasis on the creation of original content and boasts an active
and dedicated social community of approximately 2.2 million
“chubsters.” The Weekend has
Arrived. www.chubbiesshorts.com
About Square 1 BankSquare 1 Bank is a division of Pacific
Western Bank, a Los Angeles-based commercial bank with over $21
billion in assets. A full service financial services partner to
entrepreneurs and their investors, Square 1 provides clients
flexible resources and attentive service to help their companies
grow. Square 1 offers a broad range of venture debt, treasury and
cash management solutions through offices in top innovation
centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver,
Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and
Washington, DC. Pacific Western Bank is a wholly-owned subsidiary
of PacWest Bancorp (NASDAQ:PACW). For more information, visit
www.square1bank.com.
Media Contact:
Square 1 Bank, a division of Pacific Western Bank
Dee McDougal
919.597.7479
dmcdougal@square1bank.com
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