Professional Holding Rallies On News Of Acquisition By Seacoast Banking

(RTTNews) - Shares of Professional Holding Corp. (PFHD), the parent company of Professional Bank, are rallying more than 28% Monday morning on the news of its decision to be acquired by Seacoast Banking Corporation of Florida (SBCF) for about $488.6 million, in stock.

As per the agreement, Professional shareholders are to receive 0.8909 shares of Seacoast stock for each Professional stock they own.

The transaction value comes to nearly $488.6 million based on Seacoast's closing price of $36.75 per share, as of August 5.

The deal is expected to be closed in the first quarter of 2023.

PFHD is at $29.86 currently. It has traded in the range of $17.45-$31.25 in the past 1 year.