Business

Professional Bank raises $19 million in capital through stock issuance

Coral Gables-based Professional Bank announced Wednesday that is has raised a $19 million capital infusion through the issuance of common stock in its holding company, Professional Holding Corp.

The boutique bank, founded in 2008, has assets of more than $400 million. The bank last raised capital – $15 million – in 2015. It has two branches in Miami-Dade County.

Abel Iglesias, CEO and president of Professional Bank, said that proceeds from the offering will be used to strengthen the bank’s capital base and maintain its well-capitalized status. “Resources will be allocated to expanding our lending and deposit-gathering efforts, as well as hiring talented bankers in new markets while we continue to deliver exceptional service to our clients,” he said in a statement. Iglesias was appointed CEO after the death of former CEO Raul Valdes-Fauli in September.

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