MIAMI, Fla. - Intercontinental Bank said it has reached a definitive pact to acquire privately held Interstate Bank Holding Co. and its. Bank of Coral Gables unit.
The transaction is valued at about $13.6 million.
Intercontinental agreed to pay one of its common shares for each share of Interstate, subject to adjustments based on Intercontinental's common stock price at the closing. Some Interstate option holders and minority shareholders of Bank of Coral Gables are to receive cash in the transaction.
Bank of Coral Gables operates two offices in Dade County and has assets totaling about $98 million.
