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INTERCONTINENTAL BANK AND COMMERCIAL TRUST BANCORP, INC. AGREE TO MERGE

 MIAMI, July 27 /PRNewswire/ -- William H. Allen Jr., chairman of Intercontinental Bank (NASDAQ-NMS: ICBK) ("Intercontinental"), I. Stanley Levine, chairman of Commercial Trust Bancorp, Inc. ("CTB") and Harold G. Kolb, chairman of Commercial Trust Bank, jointly announced today that Intercontinental has signed a definitive agreement whereby CTB and its majority-owned subsidiary, Commercial Trust Bank ("Commercial") will be merged into Intercontinental.
 Commercial, which operates three banking offices in Dade County, Florida, had assets totaling $117 million at June 30, 1993. Intercontinental Bank, which has 20 branches in Dade, Broward and Orange counties, Florida, had assets totaling $896 million at June 30, 1993.
 Under the terms of the agreement, the shareholders, warrant holders and option holders of CTB and the minority shareholders of Commercial will receive approximately $12.6 million cash in exchange for their shares, options and warrants.
 Allen stated that the acquisition is a continuation of Intercontinental's strategy of expanding its banking franchise in South Florida. "Commercial has an attractive branch network with excellent customer relationships. We believe these customers will benefit from the enhanced financial strength and service capabilities of our combined institutions." He also noted that the acquisition of Commercial by Intercontinental will make Intercontinental one of the largest independent banks in the state of Florida, having assets in excess of $1 billion and deposits approaching $1 billion.
 Commercial's President Hugo A. Castro said, "We are excited about the merger with Intercontinental Bank. The association with Intercontinental will benefit our shareholders and our customers."
 The acquisition, which will be accounted for as a purchase, is expected to be completed during the fourth quarter of 1993. The merger is subject to regulatory and shareholder approvals as well as other closing conditions.
 Intercontinental Bank's common stock is quoted on NASDAQ-NMS under the symbol ICBK.
 -0- 7/27/93
 /CONTACT: Thomas B. Brady, executive vice president of Intercontinental Bank, 305-377-6977/
 (ICBK)


CO: Intercontinental Bank; Commercial Trust Bancorp, Inc.; Commercial
 Trust Bank ST: Florida IN: FIN SU: TNM


AW -- FL005 -- 6168 07/27/93 11:03 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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