The fourth-largest community bank in South Florida will be created with the merger of two Coral Gables firms, according to a release Monday.
Marquis Bank has agreed to merge with Professional Bank, creating an institution with $1.6 billion in assets. The group will also become the 12th-largest community bank in Florida. The merger is official pending regulatory approval.
The newly created business will retain the Professional name. No information was immediately available on the status of Marquis employees.
The merger aids Professional’s plans for scale, profitability and technology implementation, said Daniel R. Sheehan, Professional Bank’s Chairman & CEO.
“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,” said Javier J. Holtz, Marquis Bank’s Chairman and CEO. “This is a tremendous opportunity for two high-performing banks with similar cultures to join together in this transformational merger.”
Holtz will have an as-yet undetermined role at the newly formed group.
The combined institutions will service 10 South Florida markets.
In January, Abel Iglesias, Professional’s president and COO, was appointed to the Federal Reserve Bank of Atlanta’s Miami Branch Board of Directors.