August 19, 2019

Professional Bank and Marquis Bank Announce Strategic Merger

| 8/13/2019

Professional Holding Corp. 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 was 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 .

Tags: Press Release

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