Professional Holding in Coral Gables, Fla., has made an abrupt change in leadership.
The $2.7 billion-asset company said in a press release Thursday that Abel Iglesias has been elected CEO, effective immediately. Iglesias, who joined Professional in 2013, has been its bank’s president since 2016.
Iglesias succeeded Daniel Sheehan, who parted ways with Professional “by mutual agreement,” the company said. Sheehan, who also resigned from the board, had been the company’s chairman and CEO since 2014.
Professional said Herbert Martens had replaced Sheehan as its chairman. Martens, a founder of the bank, is a managing partner of Advent Associates, a private investment company.
“Our focus remains on traditional banking,” Iglesias said in the release. “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.”
“Sheehan has been instrumental in growing the bank and leading us to become a public company,” Martens said. “He is a gifted entrepreneur and strategic thinker. We wish him the best of luck and thank him for his service.”
“We certainly view today’s news as a surprise given the bank seemed to be right on the cusp of a much better profitability profile and … Sheehan had never hinted at a departure any time soon,” Stephen Scouten, an analyst at Piper Sandler, wrote in a note to clients.
“Sheehan did an admirable job setting the bank up for future success, including recent expansions to Tampa and Jacksonville and the establishment of the search fund business,” Scouten added. Iglesias “definitely has a deep understanding of the bank given his tenure at” Professional.