Amerant, the Coral Gables-based bank that in October changed its name from Mercantil Bank, has filed for an initial public offering. Shares are expected to trade at between $16.50 and $18.50. No trading date for the new shares has yet been announced.
Mercantil Bank Holding Corporationbegan quietly trading on the NASDAQ exchange in August after a spinoff from its former Venezuela-based parent company, Mercantil Servicios Financieros. It now trades under the symbol AMTB.
“Becoming an independent, publicly traded organization was a part of the Company’s long-term vision for profitable growth and exceptional customer service in our markets – South Florida, the greater Houston, Texas area, and the New York metro area,” the company said in a statement. “Our new brand identity reflects our independence.”
With more than $5.7 billion in deposits, Amerant is the 10th-largest bank operating in the Miami metro area. The company currently has 948 employees across the south, southeast, and New York.