Daniel Sheehan, who helped found Professional Bank in 2008 and was instrumental in its growth into a $2.7 billion asset company, has stepped down as chairman and CEO of Coral Gables, Florida, and its parent company, Professional Holding Corp.
Sheehan also resigned from the bank and holding company boards. The professional did not reveal the reason for Sheehan’s departure.
Abel Iglesias, chairman of Professional Bank since 2016, succeeds Sheehan as CEO of the bank and holding company. Herbert Martens was elected non-executive chairman of both entities.
Iglesias, a veteran South Florida banker, was managing director of JGB Bank in Miami before joining Professional in 2013. Martens, another Professional founder and director since 2008, served as executive vice president of National City Corp. in Cleveland from 1994 to 2006.
“In many ways, this is a smooth transition for me,” Iglesias said in an interview Friday. “While Dan was the face of the bank in the community, especially the investment community, I turned the levers, pushed the buttons and performed as president of the bank. … We’re going to stick with it. our knitting and what we’ve done that got us to where we are today.”
Iglesias added that Professional will continue to take an opportunistic approach to expansion. “If there are attractive talents that we believe could bring value to the organization with minimal expense, we will pursue those opportunities. We will continue to focus on diversification beyond our presence in South Florida. … We would like to be in Orlando.
Perhaps the most notable event of Sheehan’s tenure was that of Professional acquisition of Marquis Bank in Coral Gables in March 2020. The acquisition of Marquis, a $646 million asset, passed the $1 billion threshold in assets, adding $543 million in loans and $579 million in deposits on its balance sheet. This deal was completed a month after Professional raised $60 million in capital in an initial public offering.
Under Sheehan, Professional established a Digital Innovation Center in Cleveland in December 2018 to serve as an internal source of new technology. unit builds the digital account opening system Professional launched in October.
Sheehan had been chairman and chief executive of Professional Holding since its inception in 2014. He became the bank’s chairman in 2013 and its chief executive in 2019.
“Dan Sheehan was instrumental in growing the bank and leading us to become a public company,” Martens said in the press release. “He is a gifted entrepreneur and a strategic thinker. We wish him good luck and thank him for his service.
Professional posted a profit of $21.4 million in 2021, up 158% from 2020. But its fourth-quarter profit fell 27% year-over-year to $4 million.