Coral Gables, Fla.-based Professional Holding Corp. filed a Form S-1 for a proposed IPO of its class A common stock.
The proposed maximum aggregate offering price is $75 million, estimated solely to calculate the registration fee. The registration statement did not list the number of shares to be offered by the company.
In the registration statement, the company also noted that up to 241,885 class A common shares are being offered for sale by selling shareholder, BayBoston Capital LP. Professional Holding will not receive any proceeds from sales of its class A common stock by the selling shareholder.
Professional Holding plans to use the net proceeds to the company to support its growth, including organic growth and potential future acquisitions, repay all or a portion of the outstanding principal and accrued interest under its secured revolving line of credit with Valley National Bank NA, and for general corporate purposes. The company may also use a portion of the proceeds to cover cash expenditures connected with its pending acquisition of Marquis Bancorp Inc.
The company applied to list its class A common stock for trading on the Nasdaq Global Market under the symbol PFHD.
Stephens Inc., Keefe Bruyette & Woods Inc. and Hovde Group LLC are the underwriters for the offering.
Professional Holding is the parent of Professional Bank.