Venezuela-based Mercantil Servicios Financieros CA on Aug. 10 completed the spin-off of Coral Gables, Fla.-based Mercantil Bank Holding Corp.
As part of the spin-off, 60,880,929 class A common shares and 43,880,032 class B common shares of Mercantil Bank Holding were distributed to holders of Mercantil Servicios' class A and class B common stock, respectively. This represents 80.1% of Mercantil Servicios' interest in each class of the U.S. company's common stock.
As a result of the distribution, Mercantil Bank Holding has become an independent, publicly traded company on the Nasdaq Stock Market under the symbols MBNAA for the class A common stock and MBNAB for the class B common stock.
Raymond James & Associates acted as financial adviser to Mercantil Bank Holding in connection with the spinoff.