Professional Holding Corp. Completes Private Placement of $25 Million of Subordinated Notes

Professional Holding Corp. (NASDAQ:PFHD) (the "Company"), the parent company for Professional Bank (the "Bank"), today announced the completion of its private placement of $25 million in fixed-to-floating rate subordinated notes due 2032 (the "Notes").

The Notes will bear interest at a fixed annual rate of 3.375% for the first five years and will reset quarterly thereafter to the then current three-month Secured Overnight Financing Rate (SOFR) plus 203 basis points. The Notes are redeemable by the Company at its option, in whole or in part, on or after the fifth anniversary of the issue date. The Company intends to use the net proceeds from the offering of the Notes for general corporate purposes.

Keefe, Bruyette & Woods, A Stifel Company, served as sole placement agent for the Notes offering. Wachtell, Lipton, Rosen & Katz served as legal counsel to the Company, and Squire Patton Boggs (US) LLP served as legal counsel to the placement agent.

This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, the Notes, nor shall there be any offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The indebtedness evidenced by the Notes is not a deposit and is not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.