Mercantil Bank Holding Corp. said Dec. 28 that it repurchased 1,420,135.66 nonvoting class B common shares from Mercantil Servicios Financieros CA at $12.61 apiece for an aggregate purchase price of about $17.9 million.

The company used the proceeds from its initial public offering of voting class A common stock to fund the repurchase.

As a result of the IPO and the repurchase, Mercantil Servicios holds no class A shares and its remaining class B shares are less than 5% of all outstanding Mercantil Bank common shares.

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