Perfisans Holdings (PFHD) Prices 3.1M Class A Share IPO at $18.50/Sh

Professional Holding Corp. (NASDAQ: PFHD), a financial holding company that operates through its wholly owned subsidiary, Professional Bank, announced today the pricing of its initial public offering of 3,100,000 shares of its Class A Common Stock, par value $0.01 per share, at a public offering price of $18.50 per share. The Company has also granted the underwriters a 30-day option to purchase up to an additional 465,000 shares of its Class A Common Stock at the public offering price. The Company's Class A Common Stock is expected to begin trading on the Nasdaq Global Select Market under the trading symbol "PFHD" on Friday, February 7, 2020.

The Company intends to use the net proceeds from its initial public offering to support its continued growth, including organic growth and potential future acquisitions, to repay all or a portion of the outstanding principal and accrued interest under its secured revolving line of credit with Valley National Bank, N.A., and for general corporate purposes. The Company may also use a portion of the proceeds to cover cash expenditures in connection with the Company's pending acquisition of Marquis Bancorp, Inc. and to fund acquisitions of other institutions or branches or other assets of other institutions, although the Company does not have any present plans to make any new acquisitions. The Company's management will retain broad discretion to allocate the net proceeds of this offering.

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