INTERCONTINENTAL BANK AND INTERBANC AGREE TO MERGE
INTERCONTINENTAL BANK AND INTERBANC AGREE TO MERGE MIAMI, April 28 /PRNewswire/ -- Chairman William H. Allen Jr.
announced today that Intercontinental Bank (NASDAQ-NMS: ICBK) has reached an agreement whereby Interbanc, a Broward County commercial bank, will be merged into Intercontinental Bank. Interbanc shareholders will receive one share of Intercontinental common stock for every two shares of Interbanc common stock, subject to certain limitations and conditions.
Interbanc, which operates two banking offices, had assets totaling $46 million at March 31, 1992. Allen stated that the acquisition of Interbanc is a continuation of Intercontinental's strategy of expanding its banking franchise in Broward County and complements its recent acquisitions of the former North Ridge and National City banks. Intercontinental Bank also will benefit from the 22 years of banking experience that Walter Howard, president of Interbanc, has in the Broward County market. Upon the consummation of the merger, Howard will join Intercontinental in a senior management capacity in Broward County. Interbanc Chairman Rudolph Roder said, "We are excited about the merger with Intercontinental Bank. The association with Intercontinental will benefit our shareholders and our customers and will provide a substantially larger capital base to service the financial needs of our community." Upon the consummation of the merger, Intercontinental Bank will have total assets of approximately $800 million and customer deposits of approximately $700 million of which $130 million will be in Broward County, Fla. With the acquisition of Interbanc's two Broward County branches, Intercontinental will operate 21 branches in Dade, Broward and Orange counties, Florida. The merger is subject to the approval of the shareholders of each of the respective banks and regulatory approvals. -0- 4/28/92 /CONTACT: Thomas B. Brady, executive vice president of Intercontinental Bank, 305-377-6902/ (ICBK) CO: Intercontinental Bank ST: Florida IN: FIN SU: TNM
JJ-SS-JB -- FL016 -- 3971 04/28/92 15:50 EDT
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|Date:||Apr 28, 1992|
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