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Mercantil Bank Holding completes IPO

Coral Gables, Fla.-based Mercantil Bank Holding Corp. closed an initial public offering of 6.3 million class A common shares at $13 per share.

The company sold 1,377,523 class A common shares and a selling shareholder sold 4,922,477 class A shares.

Mercantil Bank Holding will use net proceeds to buy back about 1.42 million class B shares held by the selling shareholder. The repurchases could rise to about 2.39 million class B shares if the underwriters fully exercise their overallotment option to purchase up to an additional 945,000 class A shares.

As announced in October, Mercantil Bank Holding is planning to change its name to Amerant.