Intercontinental Bank, Miami, is planning to acquire Boca Bancorp for $5. I million in cash and stock, the two companies announced.
"The acquisition affords Intercontinental the opportunity to expand its franchise into Palm Beach County and to provide Boca Bank customers the benefits of enhanced financial strength and service capabilities," said Bill Allen, chairman of Intercontinental.
Boca's main unit, Boca Bank, has assets of about $77 million and two offices. Intercontinental, with assets of about $1 billion, has 22 branches.