Amerant Bancorp Appoints Carlos Miralles CEO

TL;DR

Amerant Bancorp CEO Jerry Plush out, Carlos Miralles in as new CEO and board member.

AI Summary

Amerant Bancorp Inc. announced on June 28, 2024, the appointment of Carlos Miralles as Chief Executive Officer, effective immediately. Miralles, who has been with the company since 2019 and previously served as President and CEO of Amerant Bank, N.A., will also join the Board of Directors. He succeeds Jerry Plush, who will transition to a senior advisory role.

Why It Matters

This leadership change at the top of Amerant Bancorp Inc. could signal a new strategic direction for the company and impact investor confidence.

Risk Assessment

Risk Level: medium — CEO changes can introduce uncertainty regarding future strategy and performance.

Key Players & Entities

• Amerant Bancorp Inc. (company) — Registrant
• Carlos Miralles (person) — Appointed CEO
• Jerry Plush (person) — Departing CEO
• June 28, 2024 (date) — Effective date of appointment
• Amerant Bank, N.A. (company) — Subsidiary where Miralles was CEO

FAQ

Key Financial Figures

• $5.5 million — include charges totaling approximately $5.5 million as follows: (i) $3.4 million in market
• $3.4 million — roximately $5.5 million as follows: (i) $3.4 million in market value adjustments for two bra
• $1.3 million — d based on third party appraisals; (ii) $1.3 million in loan valuation allowance due to defe
• $0.5 million — wance due to deferred loan costs; (iii) $0.5 million for legal and investment banking fees;
• $0.3 million — l and investment banking fees; and (iv) $0.3 million in intangible write-off. These charges
• $4.4 million — hese charges were partially offset by a $4.4 million release in credit reserves after transf
• $13.0 million — sale. Management continues to estimate $13.0 million in premium after the Transaction closes
• $1.0 — ially offset by an estimated additional $1.0 to $1.5 million in legal and investment
• $1.5 million — fset by an estimated additional $1.0 to $1.5 million in legal and investment banking fees.

Filing Documents

• amtb-20240628.htm (8-K) — 40KB
• amtb-20240628_g1.jpg (GRAPHIC) — 4KB
• 0001734342-24-000036.txt ( ) — 174KB
• amtb-20240628.xsd (EX-101.SCH) — 2KB
• amtb-20240628_lab.xml (EX-101.LAB) — 21KB
• amtb-20240628_pre.xml (EX-101.PRE) — 12KB
• amtb-20240628_htm.xml (XML) — 3KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On April 17, 2024, the Company hosted a conference call and furnished in a Current Report on Form 8-K filed on the same date a slide presentation (the "Slide Presentation") relating to a Purchase and Assumption Agreement (the "Purchase Agreement") entered into Amerant Bank, N.A. (the "Bank"), a wholly-owned subsidiary of the Company, and MidFirst Bank ("MidFirst") pursuant to which MidFirst will purchase certain assets and assume certain liabilities of the banking operations and six branches in the Houston, Texas metropolitan statistical area (the "Transaction"). The Slide Presentation included certain information related to the Transaction. The Company hereby provides the following updates related to the Transaction: Regulatory approval of the Transaction is expected in the third quarter of 2024 while conversion and closing of the Transaction is expected mid-fourth quarter of 2024. Balances for loans, deposits, right of use assets and lease liabilities and branches owned were transferred to held for sale in the second quarter of 2024. Non-routine items recorded in the second quarter of 2024 in connection with the Transaction include charges totaling approximately $5.5 million as follows: (i) $3.4 million in market value adjustments for two branches owned based on third party appraisals; (ii) $1.3 million in loan valuation allowance due to deferred loan costs; (iii) $0.5 million for legal and investment banking fees; and (iv) $0.3 million in intangible write-off. These charges were partially offset by a $4.4 million release in credit reserves after transferring the loans to held for sale. Management continues to estimate $13.0 million in premium after the Transaction closes, which is expected to be partially offset by an estimated additional $1.0 to $1.5 million in legal and investment banking fees. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 1, 2024 Amerant Bancorp Inc. By: /s/ Julio V. Pena Name: Julio V. Pena Title: Senior Vice President, Securities Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR