Professional Holding in South Florida plans $75M initial public offering
Professional Holding in Coral Gables, Fla., is looking to raise up to $75 million from an initial public offering.
While the $963 million-asset company did not disclose the number of shares it plans to offer, it said in a shelf registration with the Securities and Exchange Commission that investor BayBoston Capital will sell nearly 242,000 shares. BayBoston has an 8.5% stake in Professional.
Professional said it would use its portion of the offering's net proceeds to support organic growth and acquisitions and to repay at least a portion of a line of credit it has with Valley National Bank.
Some of the proceeds could also cover expenses tied to Professional's pending purchase of Marquis Bancorp in Coral Gables.
The company has five branches and four loan production offices in South Florida.
Stephens along with Keefe, Bruyette & Woods and Hovde Group are the offering's joint managers.