In Coral Gables, Fla., Marquis Bank will combine with Professional Bank in a deal expected to close in late 2019 or early 2020.
Financial terms of the transaction were not disclosed in the news release.
The combined institution will have approximately $1.6 billion in assets. It will retain the Professional Bank name and remain headquartered in Coral Gables.
S&P Global Market Intelligence valuations for bank and thrift targets in the Southeast region between Aug. 12, 2018, and Aug. 12, 2019, averaged 161.99% of book and 174.36% of tangible book and had a median of 19.78x last-12-months earnings, on an aggregate basis.
Professional Holding will expand in Miami-Dade County, Fla., by two branches to be ranked twenty-fifth with a 0.67% share of approximately $138.91 billion in total market deposits and will enter Broward County, Fla., with one branch having approximately $55.74 billion in total market deposits.
Wachtell Lipton Rosen & Katz was legal adviser to Professional Bank, while Smith MacKinnon PA was legal adviser for Marquis Bank. Stephens Inc. was financial adviser to Professional Bank, while Hovde Group was financial adviser for Marquis Bank.
Professional Bank, a unit of Professional Holding Corp., had $890 million in assets as of June 30. Marquis Bank, a subsidiary of Marquis Bancorp Inc., had $680.3 million in assets as of the end of June, according to the news release.