Professional Holding in Coral Gables, Fla., has agreed to buy Marquis Bancorp in Coral Gables.
The $890 billion-asset Professional said in a press release Monday that it expects to complete the deal for the $680 million-asset Marquis in late 2019 or early 2020. The price was not disclosed.
Marquis has “a number of talented bankers on their team along with a great staff, both of which will be a natural fit within our culture,” Daniel Sheehan, Professional’s chairman and CEO, said in the release.
“The combined institution will advance our plans for scale and profitability along with the implementation of certain technologies across this larger platform,” Sheehan added. “The combined resources will accelerate our growth in South Florida and beyond.”
Marquis, established in 2007, has branches in the Florida communities of Coral Gables, Aventura and Fort Lauderdale. It has $564 million in loans and $559.7 million in deposits.
Stephens and Wachtell, Lipton, Rosen & Katz advised Professional Bank. Hovde Group and Smith MacKinnon advised Marquis.
