MIAMI -- Intercontinental Bank, Commercial Trust Bancorp Inc., and Commercial Trust Bank announced that the shareholders of each entity have approved the merger of Commercial Trust Bancorp and its majority-owned subsidiary into Intercontinental.

Commercial operates three banking offices in Dade County with $120 million of total assets. The companies expect to complete the merger by yearend, with Intercontinental paying about $12.6 million in cash in exchange for shares, options, and warrants.

Intercontinental Bank had assets of approximately $95 million and deposits of over $800 million at Sept. 30, 1993.

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