CORAL GABLES, Fla., Feb. 28, 2019 (GLOBE NEWSWIRE) -- Mercantil Bank Holding Corporation (NASDAQ: AMTB and AMTBB) announced today the closing of a private placement of 1,750,000 shares of its Class A common stock (“Class A shares”) for a total of $24,662,500.

The Company’s Class A Shares and its Class B common stock (“Class B Shares”) are listed on the Nasdaq Global Select Market under the trading symbols “AMTB” and “AMTBB,” respectively.

The Company will use $28,422,528 of proceeds from this placement and earlier sales of Class A Shares to repurchase all 2,112,321 nonvoting Class B Shares held by Mercantil Servicios Financieros, C.A. (“MSF”), the Company’s former parent. After this repurchase, MSF will own no Company capital stock.

MSF will pay the placement agent’s fees with respect to Class A Shares sold to repurchase Class B Shares and certain of the Company’s other transaction expenses. After the Class B Share repurchase, the Company will use the remaining $1 million of private placement proceeds for general corporate purposes.

Raymond James & Associates, Inc. acted as the Company’s placement agent.

The Company is a bank holding company headquartered in Coral Gables, Florida. The Company operates through its subsidiaries, Amerant Bank, N.A. (the “Bank”), Amerant Investments, Inc. and Amerant Trust, N.A. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit and wealth management services. The Bank, which has operated for almost 40 years, is the largest community bank headquartered in Florida. Amerant Bank operates 23 banking centers – 15 in South Florida, 8 in the Houston, Texas area, and loan production offices in Dallas, Texas and New York City.