The Combined institution will accelerate scale and profitability, while leveraging technology
CORAL GABLES, FL / ACCESSWIRE / August 12, 2019 / Professional Holding Corp. (OTC PINK:PFHD) and Marquis Bancorp, both of Coral Gables, jointly announce today the signing of a definitive agreement to merge in which Marquis Bank will combine with Professional Bank. Subject to shareholder and regulatory approvals, the combined banking institution will have approximately $1.6 billion in assets, making it the 12th largest community bank in Florida and the 4th largest in South Florida.
Both institutions maintain a 5-star, superior rating from Bauer Financial, and when combined will service 10 South Florida markets, retaining the Professional Bank name with continued headquarters in Coral Gables.
"We have held Marquis Bank in high esteem for several years now and look forward to the partnership. They have a number of talented bankers on their team along with a great staff, both of which will be a natural fit within our culture. The combined institution will advance our plans for scale and profitability along with the implementation of certain technologies across this larger platform," said Professional Bank's Chairman & CEO, Daniel R. Sheehan. "The combined resources will accelerate our growth in South Florida and beyond."
Professional Bank has undergone tremendous growth in the past several years, with assets more than doubling to $890 million as of June 30 from three years earlier. The bank ended the latest quarter with Tier 1 leverage ratio of 8.71%; 5% is considered well-capitalized. It had a Tier 1 capital ratio of 11.89%; 8% is considered well-capitalized.
"We are truly excited to be partnering with Professional and believe now is the time to combine our franchises to create the premier community bank in South Florida. This is a tremendous opportunity for two high-performing banks with similar cultures to join together in this transformational merger," said Javier J. Holtz, Marquis Bank's Chairman and CEO. "This is a win-win for our clients, associates, and shareholders."
Marquis Bank was established in 2007 and operates branches in Coral Gables, Aventura and Fort Lauderdale. It held $680.3 million in assets and $559.7 million in deposits as of June 30. It concluded the quarter with a healthy Tier 1 leverage ratio of 9.64% and a Tier 1 capital ratio of 10.75%.
Wachtell, Lipton, Rosen & Katz served as legal advisor to Professional Bank, while Smith MacKinnon, PA served as legal advisor for Marquis Bank. Stephens Inc. served as financial advisor to Professional Bank, while Hovde Group served as financial advisor for Marquis Bank. The merger is subject to shareholder and regulatory approvals and expected to close in late 2019 or early 2020. For more information on the merger, please visit joinprobank.com.
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About Professional Bank: Headquartered in Coral Gables, Fla., Professional Bank is one of Florida's fastest-growing community banks. A subsidiary of financial holding company Professional Holding Corp. (OTC: PFHD), Professional Bank specializes in construction, residential and commercial real estate financing as well as business loans and lines of credit, including SBA financing. Known for high-touch customized concierge services, the Bank serves the needs of its customers through a full offering of deposit products, cash management services, online and mobile banking.
Founded in 2008, Professional Bank operates full-service branches and loan production offices in Miami-Dade, Broward and Palm Beach counties. For more information, visit myprobank.com.
About Marquis Bank: Marquis Bank, with more than $680 million in assets, is a full-service community bank dedicated to serving business owners, professionals and investors. Marquis has successfully blended convenient state-of-the-art technology with personal attention to create an exceptional banking experience for its clients. For more information, please call (305) 443-2922 or visit www.MarquisBank.com.
SOURCE: Professional Bank
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