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INTERCONTINENTAL BANK AGREES TO PURCHASE CERTAIN ASSETS AND ASSUME ALL FDIC-INSURED CUSTOMER DEPOSIT LIABILITIES OF PROFESSIONAL FEDERAL SAVINGS BANK'S HIALEAH, FLA. BRANCH

INTERCONTINENTAL BANK AGREES TO PURCHASE CERTAIN ASSETS AND ASSUME ALL FDIC-INSURED CUSTOMER DEPOSIT LIABILITIES OF PROFESSIONAL FEDERAL
 SAVINGS BANK'S HIALEAH, FLA. BRANCH
 MIAMI, March 13 /PRNewswire/ -- Intercontinental Bank (Intercontinental) (NASDAQ-NMS: ICBK) and the Resolution Trust Corporation (RTC) have entered into an agreement which Intercontinental will purchase certain assets and assume all FDIC- insured customer deposit liabilities of Professional Federal Savings Bank's (Professional Savings) Westland Branch located in Hialeah, Fla., in an RTC-assisted transaction. This transaction is effective as of the close of business on March 13, 1992. Intercontinental will assume approximately $38 million of deposit liabilities of the Hialeah branch.
 Chairman William H. Allen Jr. stated that the acquisition of the Professional Savings branch in Hialeah is a continuation of the company's strategy of expanding its banking franchise in market areas that are considered attractive. In recent months, Intercontinental has completed the acquisition of six banking offices in Broward County, Fla., with customer deposits of approximately $100 million. These offices had been operated by the former North Ridge and National City banks.
 Intercontinental Bank currently operates 20 branches in Dade, Broward and Orange counties, Fla. 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- 3/13/92
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK) CO: Intercontinental Bank; Professional Federal Savings Bank ST: Florida IN: FIN SU: TNM


SS-AK -- FL011 -- 8010 03/13/92 18:45 EST
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Publication:PR Newswire
Date:Mar 13, 1992
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