Professional Holding Corp. and Professional Bank Report Leadership Changes
Professional Holding Corp. (NASDAQ:PFHD) has appointed Abel L. Iglesias as the new CEO of both the Company and Professional Bank, effective immediately, following the departure of Daniel R. Sheehan. Iglesias, who has been with the bank since 2013, previously served as President and COO. Herbert Martens has also been elected as the non-executive Chairman. Iglesias emphasized a continued focus on traditional banking to support growth and customer satisfaction.
- New leadership may bring fresh perspectives and strategies, potentially leading to growth.
- Iglesias has significant banking experience, which could enhance operational effectiveness.
- Departure of Sheehan might raise concerns about continuity and strategic direction.
CORAL GABLES, FL / ACCESSWIRE / February 24, 2022 / Professional Holding Corp. (the "Company") (NASDAQ:PFHD), the parent company of Professional Bank (the "Bank"), today reported that Abel L. Iglesias has been elected Chief Executive Officer of both the Company and the Bank, effective immediately, following the departure of Daniel R. Sheehan by mutual agreement with their respective Boards of Directors. Mr. Sheehan had served as a director of the Bank since its inception in 2008, Chairman of the Board of the Bank since 2013, Chief Executive Officer of the Bank since 2019, and Chairman of the Board and Chief Executive Officer of the Company since its inception in 2014. He has also resigned from the Boards of Directors of the Company and the Bank.
Abel L. Iglesias
Mr. Iglesias has been with the bank since 2013. He currently serves as a director of the Company and the Bank and as the Bank's President, a position he has held since 2016, and was additionally named as Chief Operating Officer of the Bank in 2019. Prior to joining Professional Bank, he was President and Chief Executive Officer of JGB Bank, N.A. Mr. Iglesias has 30 years of banking experience in South Florida and is currently serving his second three-year term on the board of the Federal Reserve Bank of Atlanta.
In addition, Herbert Martens has been elected non-executive Chairman of the Board of both the Company and the Bank, effective immediately. Mr. Martens has more than 30 years of banking and investment experience, most recently serving as Executive Vice President of National City Corporation (NCC) and National City Bank, until 2006. Currently, he is Managing Partner of Advent Associates, LLC, a private investment company. Mr. Martens, a founder of the Bank, has served as a director of the Bank since 2008 and as a director of the Company since its inception in 2014.
Commenting on the leadership transition, Mr. Iglesias said, "Our focus remains on traditional banking; it is how we got here, it is what's made us successful, and it is what we believe will allow us to grow and expand in a way that satisfies our shareholders and our customers, as well as the communities we serve. I look forward to our future with great enthusiasm and commitment."
Herbert Martens
Mr. Martens noted, "Dan Sheehan has been instrumental in growing the Bank and leading us to become a public company. He is a gifted entrepreneur and strategic thinker. We wish him the best of luck and thank him for his service."
Forward Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements preceded by, followed by or including words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should" and similar expressions. Forward-looking statements represent the Company's current expectations, plans or forecasts and involve significant risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, without limitation, current and future economic and market conditions, including those that could impact credit quality and the ability to generate loans and gather deposits; the duration, extent and impact of the COVID-19 pandemic, including the government's responses to the pandemic and the potential worsening of the pandemic resulting from variants of COVID-19, on our and our customers' operations, personnel, and business activity (including developments and volatility), as well as COVID-19's impact on the credit quality of our loan portfolio and financial markets and general economic conditions; the effects of our lack of a diversified loan portfolio and concentration in the South Florida market; the impact of current and future interest rates and expectations concerning the actual timing and amount of interest rate movements; damage resulting from pending future litigation; competition; our ability to execute business plans; geopolitical developments; legislative and regulatory developments; inflation or deflation; market fluctuations; risks related to the discontinuation of the London Interbank Offered Rate; natural disasters (including pandemics such as COVID-19); critical accounting estimates; a failure or disruption in or breach of our operational or securities systems or infrastructure, or those of third parties, including as a result of cyber fraud; the composition of our workforce and our ability to attract and retain key personnel; and other factors described in our Form 10-K for the year ended December 31, 2020, Form 10-Qs for the quarters ended March 31, 2021, June 30, 2021, September 30, 2021, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any of the forward-looking statements included herein to reflect future events or developments or changes in expectations, except as may be required by law.
About Professional Bank and Professional Holding Corp.:
Professional Holding Corp. (NASDAQ:PFHD) is the financial holding company for Professional Bank, a Florida state-chartered bank established in 2008 and based in Coral Gables, Florida. Professional Bank focuses on providing creative, relationship-driven commercial banking products and services designed to meet the needs of small-to-medium-size businesses, the owners and operators of these businesses, professionals, and entrepreneurs. Professional Bank currently operates its Florida network through nine branch locations and two Loan Production Offices in the regional areas of Miami, Broward, Palm Beach, Duval (Jacksonville), Hillsborough and Pinellas (Tampa Bay) counties. It also has a Digital Innovation Center located in Cleveland, Ohio and a Loan Production Office in New England. For more information, visit www.myprobank.com. Member FDIC. Equal Housing Lender.
Investor Relations:
Michael Sontag
General Counsel
(561)-868-9040
ir@proholdco.com
Media Relations:
Todd Templin or Eric Kalis
ttemplin@boardroompr.com
ekalis@boardroompr.com
(954)-370-8999
SOURCE: Professional Holding Corp.
View source version on accesswire.com:
https://www.accesswire.com/690365/Professional-Holding-Corp-and-Professional-Bank-Report-Leadership-Changes
FAQ
Who is the new CEO of Professional Holding Corp. (PFHD)?
What experience does Abel Iglesias have?
What position did Daniel Sheehan hold at PFHD before his departure?
Who has taken over the position of non-executive Chairman at PFHD?
What is the strategic focus of the new leadership at PFHD?
