U.S.-based Professional Holding Corp., the holding company for Professional Bank, has disposed of $20 million of its common stock at $18.25 per share.
The offering, which was oversubscribed, included institutional and private backers buying more than 75 percent of the shares.
Professional Holding Corp. plans to use the funds to back continued infusion in management and technology.
Furthermore, the company will use the proceeds to support its development of hiring more employees and expanding its branch network.