Florida-based Amerant Bancorp completes 'clean-up merger'

Coral Gables, Fla.-based Amerant Bancorp Inc. on Nov. 18 completed a "clean-up merger" resulting in the simplification of its capital structure by automatically converting its class B common shares into class A common shares.

In connection with the merger, the number of shares that Amerant Bancorp is authorized to issue decreased by 250 million and the company's class B common stock is no longer authorized or outstanding.

The last day of trading of the class B common shares on the Nasdaq was Nov. 17. The company's class A common shares will continue to trade on the Nasdaq under the symbol AMTB.

Shareholders that hold fractional shares after the merger will receive an amount of cash, in lieu of any fractional shares, equal to the total fractional amount multiplied by $30.10, the closing price of a share of an Amerant Bancorp class A common share on the Nasdaq on Nov. 17. In addition, shareholders that after the merger own, of record or as a beneficial owner, fewer than 100 class A common shares will also receive a cash payment in lieu of such class A common stock at a price per share of $30.10.

Prior to the completion of the merger, the company's issued and outstanding class A and class B common shares totaled 37,526,799. Upon completion of the merger, and prior to effectuating the payment of fractional shares and holdings of fewer than 100 class A common shares, the issued and outstanding class A common shares of the company totaled approximately 37,103,243, including nonvoting class A common stock.