4th-largest community bank in South Florida files for IPO
Just months after becoming the 4th-largest community bank in South Florida, Coral Gables-based Professional Bank is filing to go public.
Professional and its parent company, Professional Holding Corp, filed a Form S-1 Jan. 6 announcing their intention to issue Class A shares. Professional announced it planned to merge with Marquis Bank in August; the deal remains subject to regulatory approval. It now has five branches and more than $1.6 billion in assets. Professional was founded in 2008.
“This is a preliminary registration statement; details such as price and number of shares have yet to be determined, and should become available at the time the registration statement becomes effective,” Professional said in a statement.
Few South Florida companies have filed to go public in recent years. Express train company Brightline, also known as Virgin Trains, was set go public, but wound up withdrawing its S-1 as market conditions changed. In a 2018 interview, Manny Medina said he hoped to turn his Cyxtera cybersecurity orgnaization into a public company. Cyxtera recently spun off one of its units, AppGate.
Stephens Inc. and Keefe, Bruyette & Woods, Inc. are serving as representatives of the underwriters in the initial public offering as joint book-running managers, and Hovde Group, LLC serving as co-manager. Professional Holding Corp. intends to list its Class A Common Stock for trading on the Nasdaq Global Market under the symbol “PFHD.”
This story was originally published January 7, 2020 at 5:18 PM.
