Amerant Bank in Coral Gables, Florida, has notified Miguel Palacios, its chief business officer, and Alberto Capriles, its chief risk officer, that it will not renew their employment contracts, which terminate March 20, but that it intends to keep them employed as executives.
The $7.5 billion-asset Amerant said it plans to negotiate change-in-control agreements outlining the severance Palacios and Capriles would receive in the case of termination, as well as restrictive covenants with nonsolicitation, noncompete and confidentiality provisions. Palacios joined Amerant in 2005 and Capriles joined in 2015; both men assumed their present positions in February 2018.
Amerant reported the moves Monday in an 8-K current events filing with the Securities and Exchange Commission. The two executives will keep their current job roles. A company spokesperson did not respond to a reporter’s email Tuesday.
The moves don’t appear to be linked to any recent adverse events. Indeed, they come less than two weeks after Amerant agreed to sell its headquarters building in Coral Gables for $135 million and lease it back for an initial rent of $625,000 per month. Pursuant to its deal with Fortress Investment Group, Amerant said it would report a $62.4 million pretax gain in its fourth-quarter earnings report, boosting tangible book value per share by $1.22.
In November, Amerant
