Miami-based Intercredit Bank sold to Ecuadorean businessman for undisclosed price
Intercredit Bank, the Miami-based commercial and consumer financial institution founded in 1992, has been sold to Dr. Fidel Egas, an Ecuadorean businessman and banker.
The sale closed on June 16. The sales price was not disclosed.
Intercredit Bank employs 76 workers across its four branch locations around Miami-Dade. Its assets have an estimated worth of $373 million.
“The change of ownership and projected capital infusions will allow Intercredit Bank to grow its footprint and remain competitive in South Florida,” said Simon Cruz, Intercredit Bank’s president and CEO, in a press release. “Completing a purchase such as this during a pandemic is a vote of confidence about the Bank, our loyal customers, and the strength of the South Florida economy.”
Cruz will continue to serve as president and CEO of the bank.
Egas purchased Intercredit Bank personally, so the institution will not become a part of Banco Pichincha Holding Group, which owns banks in Spain, Colombia, Peru and other countries. Egas is also the majority owner of Banco Pichincha, the largest private commercial bank in Ecuador, founded in 1906.
His son Fidel Esteban Egas will serve as the new chairman of the board for Intercredit Bank.
This story was originally published August 6, 2020 at 11:50 AM.
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