Coastal Bancshares Acquisition Corp. of Houston announced Thursday it had agreed to buy Intercontinental Bank Shares Corp. in San Antonio for $16.8 million in cash.
Processing Content
The publicly traded Coastal was founded in 2004 to buy a bank. Its chief executive, Cary M. Grossman, a former accountant and investment banker, said in an interview that it felt the $121 million-asset Intercontinental was well positioned for growth in a strong market.
Intercontinental has three branches in San Antonio and an office in Mexico City.
The deal is expected to close in early August. The price is about 1.87 times Intercontinental's book value.
