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International Finance Bank to undertake reorganization plan

International Finance Bank applied with the Federal Deposit Insurance Corp. to undertake a reorganization plan.

The Miami-based bank will be merged into IFB Interim Bank, which will be organized by IFB Bancorp Inc. once the plan becomes effective. IFB Bancorp is the proposed holding company; it was incorporated June 5 at the direction of International Finance Bank's board, according to the application.

The resulting institution will continue to operate as International Finance Bank and it will become a subsidiary of IFB Bancorp.

International Finance Bank's directors will retain their roles following the reorganization plan.