Intercontinental Bank is continuing its acquisition tear.
The $15.9 million purchase last week of Interstate Bank Holding Co. and its subsidiary, Bank of Coral Gables, was the sixth acquisition in 2 1/2 years for the Miami-based banking company.
The transaction, which was completed July 1, gives Intercontinental two branches and $93 million of assets. It boosts the bank's total branch network to 24 and its assets to $1.1 billion.
Under the terms of the agreement, shareholders of Interstate received nearly one share, or 0.9874 shares of Intercontinental common stock, for each share of Interstate common stock. Intercontinental also paid $1.1 million in cash.
Pending Bid for Boca Bank
Last month, Intercontinental entered into an agreement to acquire Boca Bancorp., and its subsidary, Boca Bank. The transaction, which is subject to regulatory and shareholder approvals, is expected to close at the end of the year.
Three former executives of Bank of Coral Gables, George M. Corrigan, John H. Lubera and Loren H. Hoeltke have joined Intercontinental's senior management team.
Mr. Corrigan, the mayor of Coral Gables for three terms until 1993, has been named vice chairman. Mr. Corrigan's focus will primarily be on business development and community affairs.
Mr. Lubera, president and chief executive of Bank of Coral Gables since 1986, was named executive vice president. He will be involved in corporate lending.
Mr. Hoeltke, who was executive vice president at Bank of Coral Gables, was was named senior vice president.