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INTERCONTINENTAL BANK AGREES TO PURCHASE CERTAIN ASSETS AND ASSUME ALL CUSTOMER DEPOSIT LIABILITIES OF NORTH RIDGE BANK

INTERCONTINENTAL BANK AGREES TO PURCHASE CERTAIN ASSETS AND ASSUME
 ALL CUSTOMER DEPOSIT LIABILITIES OF NORTH RIDGE BANK
 MIAMI, Dec. 20 /PRNewswire/ -- Intercontinental Bank (NASDAQ-NMS: ICBK) (ICB) and the Federal Deposit Insurance Corporation (FDIC) have entered into an agreement in which ICB will purchase certain assets and assume all customer deposit liabilities of North Ridge Bank (North Ridge) in an FDIC-assisted transaction. This transaction is effective as of the close of business on Dec. 20, 1991. ICB will assume approximately $88 million of North Ridge deposit liabilities.
 Chairman William H. Allen Jr. stated that this acquisition is an important


step in ICB's plan to expand its commercial banking franchise in Broward County.
 Intercontinental Bank, which currently operates 14 branches in Dade, Broward, and Orange counties, Fla., will begin operating the six former North Ridge branch locations on Monday, Dec. 23, 1991. ICB had total assets of $642 million at Sept. 30, 1991. ICB's common stock is quoted on NASDAQ-NMS under the symbol ICBK.
 -0- 12/20/91
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK) CO: Intercontinental Bank; North Ridge Bank ST: Florida IN: FIN SU: TNM


JJ-SS -- FL012 -- 4622 12/20/91 18:41 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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