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INTERCONTINENTAL BANK INCREASES QUARTERLY DIVIDEND

 MIAMI, June 23 /PRNewswire/ -- The board of directors of Intercontinental Bank (NASDAQ-NMS: ICBK) today approved a $.03 per common share increase in its quarterly dividend. This dividend of $.08 per common share will be payable Sept. 30, 1993 to shareholders of record on Sept. 3, 1993.
 William H. Allen Jr., chairman of Intercontinental Bank, indicated that this dividend increase represents a 60 percent increase in the annual dividend rate, from $.20 per common share to $.32 per common share. Allen noted that the board's decision to increase the dividend is based on the company's continued improvement in its financial results as well as expectations for future growth in earnings.
 Intercontinental Bank, with total assets of $876 million and total deposits of $772 million at March 31, 1993, currently operates 20 branch offices -- 12 in Dade, seven in Broward and one in Orange County. Intercontinental Bank's common stock is quoted on NASDAQ-NMS under the symbol ICBK.
 -0- 6/23/93
 /CONTACT: Thomas E. Beier, executive vice president of Intercontinental Bank, 305-377-6902/
 (ICBK)


CO: Intercontinental Bank ST: Florida IN: FIN SU: DIV

JB-AW -- FL013 -- 5133 06/23/93 16:11 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
Words:189
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