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INTERCONTINENTAL BANK AGREES TO PURCHASE CERTAIN ASSETS AND ASSUME ALL FDIC-INSURED CUSTOMER DEPOSIT LIABILITIES OF NATIONAL CITY BANK

INTERCONTINENTAL BANK AGREES TO PURCHASE CERTAIN ASSETS AND ASSUME ALL FDIC-INSURED CUSTOMER DEPOSIT LIABILITIES OF NATIONAL CITY BANK
 MIAMI, Feb. 21 /PRNewswire/ -- Intercontinental Bank (Intercontinental) (NASDAQ-NMS: ICBK) and the Federal Deposit Insurance Corporation (FDIC) have entered into an agreement in which Intercontinental will purchase certain assets and assume all FDIC- insured customer deposit liabilities of National City Bank (National City), Coral Springs, Fla., in an FDIC-assisted transaction. This transaction is effective as of the close of business on Feb. 21, 1992. Intercontinental will assume approximately $15 million of National City deposit liabilities.
 Chairman William H. Allen Jr. stated that the acquisition of National City, which has one branch in Broward County, builds upon Intercontinental's recent acquisition of the former North Ridge Bank. With the acquisition of National City, Intercontinental will operate six banking offices in Broward County.
 Intercontinental Bank, which currently operates 19 branches in Dade, Broward and Orange counties, Fla. will begin operating the former National City branch on Monday, Feb. 24, 1992. Intercontinental had total assets approximating $700 million at Dec. 31, 1991. Intercontinental's common stock is quoted on NASDAQ-NMS under the symbol ICBK.
 -0- 2/21/92
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK) CO: Intercontinental Bank; National City Bank ST: Florida IN: FIN SU: TNM


JJ-AK -- FL011 -- 1596 02/21/92 18:39 EST
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Date:Feb 21, 1992
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