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FLORIDA COMPTROLLER CLOSES NORTH RIDGE BANK OF OAKLAND PARK, FLA.

 FLORIDA COMPTROLLER CLOSES NORTH RIDGE BANK OF OAKLAND PARK, FLA.
 TALLAHASSEE, Fla., Dec. 20 /PRNewswire/ -- State Comptroller Gerald Lewis today closed North Ridge Bank, Oakland Park, due to insolvency. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver and FDIC, after consulting with state and other Federal banking regulators, accepted a bid from Intercontinental Bank (NASDAQ-NMS: ICBK) to acquire the deposits of North Ridge Bank. No interruption of service will result from today's action.
 Comptroller Lewis said, "It is unfortunate to have to close a financial institution, a step we take most reluctantly. Comfort may be taken, however, in the knowledge that once again, the regulatory system has worked to prevent loss to depositors."
 North Ridge Bank opened in 1973 and had six offices when it closed. As of Sept. 30, 1991, North Ridge Bank's financial statements reported $94,332,000 in total assets and deficit total capital of $194,000. For 1991 through Sept. 30, the bank had operating losses of $1,255,000.
 North Ridge Bank's failure resulted from loan losses and overhead, both of which were extremely high. The bank's charged-off loans exceeded $6,629,000 in 1990 and 1991 through Sept. 30. In both 1990 and 1991, overhead was much higher than net interest income.
 Several plans to rehabilitate the bank were proposed, but none came to fruition.
 -0- 12/20/91
 /CONTACT: Terence McElroy of the Florida Office of the Comptroller, 904-488-4844/
 (ICBK) CO: Florida Office of the Comptroller ST: Florida IN: FIN SU:


SS-JJ -- FL010 -- 4600 12/20/91 18:03 EST
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Publication:PR Newswire
Date:Dec 20, 1991
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