Amerant Announces Launch of Initial Public Offering

CORAL GABLES, Fla., Nov. 26, 2018 (GLOBE NEWSWIRE) -- Mercantil Bank Holding Corporation (NASDAQ: AMTB and AMTBB) (the “Company”) announced today that it has commenced an initial public offering of approximately 11,000,000 shares of its Class A common stock (the “Class A shares”) pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company is offering approximately 6,100,000 Class A shares (the “primary offering”) and a selling shareholder is offering all 4,922,477 Class A shares it holds beneficially. The initial public offering price is expected to be between $16.50 and $18.50 per Class A share. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,650,000 Class A shares from the Company to cover over-allotments.

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

The Company will use the net proceeds of the primary offering to repurchase up to all Class B shares held by the selling shareholder. The balance of the net proceeds from the primary offering will be used to redeem, in whole or in part, three series of the Company’s highest cost outstanding trust preferred securities and for general corporate purposes, including technology investments to implement the Company’s strategic plan.  All securities repurchases are subject to customary Federal Reserve approvals. The Company will not receive proceeds from the selling shareholder’s sale of its Class A shares.

Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. are acting as joint book-running managers, Stephens Inc. is acting as lead manager, and SunTrust Robinson Humphrey, Inc. and FIG Partners, LLC are acting as co-managers for the offering.

The offering will be made only by means of a prospectus.  A copy of the preliminary prospectus related to the offering may be obtained from:  Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, or by calling (800) 248-8863, or by emailing prospectus@raymondjames.com; or Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, New York 10019, Attention: Equity Capital Markets, or by calling (800) 966-1559, or by emailing kbwsyndicatedesk@kbw.com.

A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective.  These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective.  This press release is not an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 and 8 in the Houston, Texas area, as well as a commercial real estate loan production office in New York City.

Visit our investor relations page at https://investor.mercantilbank.com for additional information.

Forward Looking Statements

This press release includes “forward looking information,” including with respect to the initial public offering. These statements are often, but not always, made through the use of words or phrases such as “believe,” “will,” “expect,” “anticipate,” “project,” “seek,” “estimate,” “intend,” “indicate,” “designed,” “contemplate,” “plan,” “future,” “would,” and “should,” “could,” “continue,” “predict,” “target,” “strategies” and similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under “Risk Factors” in the preliminary prospectus and elsewhere in the Company’s filings with the SEC, which may cause actual results, levels of activity, financial condition, performance or achievements to differ materially from any results, levels of activity, financial condition, performance or achievements expressed or implied by any forward-looking statement. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results, events, levels of activity, performance or achievement or the amount of primary offering proceeds. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release.