Professional Holding, the parent of Professional Bank in Coral Gables, Florida, has agreed to purchase local peer Marquis Bancorp, the parent of Marquis Bank.
The deal is pending shareholder and regulatory approvals. The transaction value was not divulged.
Marquis Bank has branches in Coral Gables, Aventura and Fort Lauderdale. The bank managed $680.3m in assets at the end of June 2019.
At the end of the same period, Professional Bank had $890m in assets.
Under the agreement, Marquis Bank will merge with Professional Bank.
Marquis Bank chairman and CEO Javier Holtz said: “This is a tremendous opportunity for two high-performing banks with similar cultures to join together in this transformational merger.”
The consolidated group will be the fourth largest community bank in South Florida, with assets of around $1.6bn.
It will have operations in 10 markets across South Florida and remain based in Coral Gables.
The merged entity will operate under the Professional Bank brand upon deal completion at the end of 2019 or early next year.
Professional Bank chairman and CEO Daniel Sheehan calls Marquis Bank “a natural fit”.
Sheehan said: “The combined institution will advance our plans for scale and profitability along with the implementation of certain technologies across this larger platform.
“The combined resources will accelerate our growth in South Florida and beyond.”