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.
Prior to joining Professional, Iglesias (pictured) was president and CEO of JGB Bank.
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.
“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.