New Investors Provide Three-quarters of Funding, Almost All of it Institutional Money
CORAL GABLES, FL / ACCESSWIRE / January 15, 2019 / Professional Holding Corp. (OTC PINK: PFHD), parent company of Professional Bank, announced today that it had sold $20 million of common stock at $18.25 per share to institutional and private investors. Proceeds will support continued investment in management, technology and branches.
"The new capital ensures we have plenty of runway for continued growth," said Daniel R. Sheehan, Chairman and CEO of Professional Holding Corp., and Executive Chairman of Professional Bank. "The funding supports our growth strategy of hiring great people and extending our branch network into tier-one locations."
The 10-year-old bank is one of Florida's fastest-growing financial institutions, having surpassed $700 million in assets in September after reaching $500 million a year earlier. The holding company had sold $19 million of stock in February 2017.
"The latest offering was oversubscribed," Sheehan said, "with new investors purchasing over 75 percent of the shares."
"We are pleased that the investor universe sees value in the brand we are building, and many still view Florida as an attractive banking market," he said.
Professional Bank recently added depth to its management team with the hiring of Executive Vice President Kris Barnhart and Senior Vice President Danielle Webel in Palm Beach County and Executive Vice President/Broward Market Leader Eric Servaites and Senior Vice President/Private Banker Jill Roster in Broward County.
Ryan Gorney and Chris Rice joined the bank in November as executives to open a Cleveland-based digital innovation center. With the expansion, the bank is poised to take its existing technology to a new level and provide customers with an enhanced experience that is consistent across all banking platforms.
In October, Professional Bank leased space for its first full-service branch in Boca Raton, with an additional branch is expected to open in the Dadeland area of Miami-Dade County during the first quarter of 2019.
[Disclaimer] Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Neither Professional Holding Corp. nor Professional Bank undertakes any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
About Professional Bank: Headquartered in Coral Gables, Fla., Professional Bank is one of South Florida's fastest-growing community banks. A subsidiary of financial holding company Professional Holding Corp. (PFHD), Professional Bank specializes in construction, residential and commercial real estate financing as well as business loans and lines of credit, including SBA financing. Known for high-touch customized concierge services, the bank serves the needs of its customers through a full offering of deposit products, cash management services, online and mobile banking.
Founded in 2008, Professional Bank operates full-service branches and loan production offices in Miami-Dade, Broward and Palm Beach counties. For more information, visit www.professionalbankfl.com.
SOURCE: Professional Bank