Marquis Bancorp in Florida Raises $10M

Marquis Bancorp in Coral Gables, Fla., has raised $10 million for organic growth at its bank.

The $408 million-asset company said in a press release that it completed a private placement of subordinated debt to accredited institutional investors. The notes, which are fixed for the initial five years, will mature by 2026 unless redeemed earlier.

The company said it plans to use the proceeds to invest in its bank, along with other general corporate purposes. The bank could use the capital to book $100 million in loans, according to the South Florida Business Journal.

"We are pleased to secure this financing on favorable terms, a reflection of the continued stability of our company," Javier Holtz, the company's chairman and chief executive, said in the release. "The issuance of this debt allows us to take advantage of a favorable environment for community banks to access the capital markets and positions us to continue organic growth and to pursue potential acquisition opportunities."

Sandler O'Neill was the sole placement agent for the offering. Stearns, Weaver, Miller, Weissler, Alhadeff & Sitterson served as legal counsel.

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