MIAMI -- Intercontinental Bank Holding Co. and Interstate Bank Holding Co. said their shareholders have approved the merger of Interstate and its majority-owned subsidiary, Bank of Coral Gables, into Intercontinental.

The merger should be completed July 1, the banks said. Based on the current price of Intercontinental common stock, the value of the transaction is estimated at $14.9 million, they said.

Shareholders of Interstate will get one share of Intercontinental stock for each share of Interstate stock, subject to change based on the price of Intercontinental's stock, th e banks said.

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