First Intercontinental Bank Completes $6.0 Million Common Stock Offering and Repays TARP Obligations

First Intercontinental Bank (the “Bank”) (OTCMKTS: FIEB) announced the successful completion of the offering of 1,142,855 shares of newly issued common stock at a price of $5.25 per share to shareholders and institutional investors. The Bank also announced that it used approximately $4.2 million of the net proceeds of the offering to repurchase all of its Series A Fixed Rate Non-Cumulative Perpetual Preferred Stock and Series B Fixed Rate Non-Cumulative Perpetual Preferred Stock issued through the U.S. Treasury’s Troubled Asset Relief Capital Purchase Program. The Bank plans to use the remaining approximately $1.8 million in net proceeds from the offering for organic growth and other general corporate purposes.

“The Board of Directors and management team of the Bank are pleased with the strong investor interest in participating in the offering,” stated Dong Wook Kim, President and CEO of the Bank. “We appreciate the continued support of our shareholders, and look forward to a very bright future for the Bank.”

Alston & Bird LLP served as the Bank’s legal counsel in connection with the offering.

First Intercontinental BankDong Wook KimPresident and CEO770.451.7200

First IC (CE) (USOTC:FIEB)
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