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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.