Intercredit Bank Announces 2014 Year-End Results

MIAMI - Feb. 9, 2015 - PRLog -- Intercredit Bank, a full-servicefinancial institution, today announced its full year 2014 earnings (unaudited), for the twelve-month period ended December 31, 2014.

“We are very pleased to announce that Intercredit Bank has returned to profitability,” said Simon Cruz, President and CEO of Intercredit Bank.   “We have made significant progress in all areas of the Bank and we expect profitability to steadily increase as the changes we have made, and plan on making, take hold. Our Board of Directors has been very instrumental in helping us achieve this turnaround.” Prior to this, the Bank faced several challenges including loan quality, overhead and regulatory compliance.

Net income for the twelve-month period ended December 31, 2014 was $234,000, compared to a loss of $1.5 million for the same period in 2013. Total assets increased 3.43% from $321 million to $332 million; loans increased 16.58% from $199 million to $232 million; and deposits increased 5.49% from $237 million to $250 million.

According to Cruz, Bank ownership is committed to maintaining a strong capital base as evidenced by the Bank’s Tier 1 leverage ratio of 9.39% at December 31, 2014.  This capital base will enable the Bank to expand into other product areas in 2015. While the Bank’s emphasis in the past has been focused on commercial lending and international trade finance, in 2015 it will expand its retail credit offerings to include residential mortgage and consumer loans.

In addition, Intercredit Bank recently elected Banking Executive Jorge I. Triay, Past President of First Bank of Miami and former Chairman of the Florida Bankers Association, to its Bank’s Board of Directors.

“It’s an honor to have a consummate banking professional such as Jorge Triay join our Board of Directors,” added Cruz. “His expertise in corporate and community banking, risk management and marketing, as well as his extensive contacts in the community, are invaluable.”

Triay has had a long and successful career as a banker spanning close to 30 years. He most recently served as President and Vice Chairman of the Board of Directors of First Bank of Miami, a $220 million commercial bank, which was sold to Apollo Bank in 2014. Triay joined First Bank of Miami in 2001 as Chief Executive Officer and President, where he was responsible for the marketing and risk management of the bank.

Triay’s distinguished banking career also includes serving as Senior Vice President of Corporate Banking and President of the Community Banking Division at Union Planters Bank, N.A. and President and CEO at Ready State Bank. An active community leader, Triay has also served as Past President of the Cuban American Bankers Association. He holds a BBA in Banking and Finance from Florida International University.

Founded in 1992, Intercredit Bank, N.A. is a full service financial institution with five branches in Miami-Dade County providing a wide array of banking services including personal banking, business banking, international lending and wealth management services. Intercredit Bank also specializes in Export-Import bank trade financing. For more information, please visit www.intercreditbank.com.