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Miami-based Sunstate Bank completes purchase of Intercontinental Bankshares

Miami-based Sunstate Bank completed its acquisition of West Miami, Fla.-based Intercontinental Bankshares LLC and unit Intercontinental Bank.

Sunstate Bank purchased all of the outstanding membership interests in Intercontinental Bankshares for $28.6 million in cash.

The combined entity will have approximately $410 million in assets, $325 million in deposits, $240 million in loans, and three branches in South Florida.

Smith Mackinnon PA served as legal counsel to Sunstate Bank, and Hovde Group LLC served as financial adviser to the bank in the transaction.

Shutts & Bowen LLP was legal counsel to Intercontinental Bankshares, and Sandler O'Neill & Partners LP served as financial adviser.