Commercial banks

Intercontinental Bank Acquires Boca Bancorp in $4.9 Million Deal

Strategic Insights

Jan 2, 1995 — 1 min read

Intercontinental Bank, one of the largest independent banks in Florida, has expanded its presence in South Florida with the acquisition of Boca Bancorp and its subsidiary, Boca Bank. The deal, valued at $4.9 million, marks the bank's seventh acquisition in three years and its first in Palm Beach County. With the addition of Boca Bank's two commercial banking offices in Boca Raton, Intercontinental Bank now operates 26 offices across South Florida, including 17 in Dade County, seven in Broward County, and two in Palm Beach County.

Key Takeaways:

Intercontinental Bank acquired Boca Bancorp and its subsidiary, Boca Bank, in a transaction valued at $4.9 million.
The acquisition marks the bank's seventh deal in three years and its first in Palm Beach County.
With the addition of Boca Bank's two commercial banking offices, Intercontinental now operates 26 offices across South Florida.
The bank's year-end 1994 total assets are expected to exceed $1.15 billion as a result of the acquisition.
Mr. Phillip Py, former President of Boca Bank, will join Intercontinental's senior management team with responsibility for Palm Beach County.
The acquisition continues the expansion of Intercontinental's banking franchise in South Florida.
Intercontinental is one of the largest independent banks in the state of Florida, with its common stock traded on the Nasdaq National Market under the symbol ICBK.

Statistics:

$4.9 million: value of the acquisition deal
26: number of banking offices operated by Intercontinental Bank after the acquisition
17: number of banking offices in Dade County
7: number of banking offices in Broward County
2: number of banking offices in Palm Beach County
$1.15 billion: Intercontinental Bank's year-end 1994 total assets, expected to exceed as a result of the acquisition

Sources:

Intercontinental Bank (ICBK) CO: Intercontinental Bank; Boca Bancorp, Inc. ST: Florida IN: FIN SU: TNM AD-KM -- FL002 -- 9352 01/03/95 10:20 EST
PRNewswire (press release)

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