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SHAREHOLDER'S OF INTERCONTINENTAL BANK, COMMERCIAL TRUST BANCORP, INC. AND COMMERCIAL TRUST BANK APPROVE MERGER

 MIAMI, Oct. 29 /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 the shareholders of each entity have approved the merger of CTB and its majority-owned subsidiary, Commercial Trust Bank ("Commercial") into Intercontinental.
 Commercial operates three banking offices in Dade County with total assets of approximately $120 million. It is anticipated that the merger, which is subject to regulatory approval and other closing conditions, will be completed by the end of this year.
 Under the terms of the agreement, the shareholders, option holders and warrant holders of CTB and the minority shareholders of Commercial will receive approximately $12.6 million cash in exchange for their shares, options and warrants. This transaction will be accounted for as a purchase.
 Intercontinental Bank had total assets of approximately $950 million and total deposits of over $800 million at Sept. 30, 1993. Intercontinental operates 20 branches -- 12 in Dade County, seven in Broward County and one in Orange County, Fla. Intercontinental Bank's common stock is traded on NASDAQ-NMS under the symbol ICBK.
 -0- 10/29/93
 /CONTACT: Thomas B. Brady, executive vice president, Intercontinental Bank, 305-377-6977/
 (ICBK)


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

RK -- FL010 -- 8680 10/29/93 16:23 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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