STATE OF FLORIDA

DIVISION OF ADMINISTRATIVE HEARINGS

IN RE: APPLICATION FOR AUTHORITY TO ACQUIRE INTERCONTINENTAL BANK, WEST MIAMI, FLORIDA,

Petitioner.

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) Case No. 05-3383

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REPORT OF PUBLIC HEARING

Pursuant to Section 120.80(3)(a)4, Florida Statutes (2005),1 a mandatory public hearing was held in the above-styled case on November 18, 2005, via video teleconference with sites in Miami and Tallahassee, Florida, before Susan B. Harrell, a designated Administrative Law Judge of the Division of Administrative Hearings.

APPEARANCES

For Petitioner: Alcides I. Avila, Esquire

Patricia M. Hernandez, Esquire Holland & Knight LLP

701 Brickell Avenue, Suite 3000

Miami, Florida 33131 For Office of Financial Regulation:

Lorraine M. Novak, Esquire Office of Financial Regulation The Fletcher Building, Suite 526

101 East Gaines Street Tallahassee, Florida 32399

STATEMENT OF THE ISSUES

The purpose of the mandatory public hearing was to afford public comment on the application for authority to acquire Intercontinental Bank, West Miami, Florida (Intercontinental Bank). The hearing also allowed the Applicants, Eligio Cedeño and Alvaro Gorrin Ramos, to present evidence that they meet the criteria of Subsection 658.28(1), Florida Statutes, relating to reputation, character, experience, and financial responsibility such that they are qualified to acquire and own Intercontinental Bank in a legal and proper manner without detriment to the interests of the bank's stockholders, depositors, and creditors, or to the general public.

PRELIMINARY STATEMENT

The Office of Financial Regulation, Division of Financial Institutions (OFR) received the Application to Acquire a Controlling Interest in a State Bank (Application) on

January 12, 2005. The Applicants, each a proposed shareholder of over ten percent of Intercontinental Bank's common stock, are foreign nationals. On September 19, 2005, OFR entered an order granting a request for a public hearing pursuant to

Subsection 120.80(3)(a)4., Florida Statutes. On September 20, 2005, OFR requested the Division of Administrative Hearings to hold the mandatory public hearing on the Application pursuant to Subsection 120.80(3)(a)4., and Sections 120.569 and 120.57,

Florida Statutes. The public hearing was scheduled for November 2, 2005.

Applicants caused notice of the public hearing to be published in The Miami Herald on November 3, 2005. The notice complied with the requirements of Florida Administrative Code Rule 69U-105.105(1).

The public hearing was held as scheduled on November 18, 2005. Mr. Eligio Cedño and Mr. Alvaro Gorrin Ramos testified and submitted the following exhibits, which were admitted in evidence: Exhibits 1, 2A, 2C, 3A through 3D, 4, 5A, and 5B. OFR presented no witnesses, but submitted Department Exhibits 1 through 5, which were accepted in evidence: Department

Exhibit 2 is a certified copy of the confidential portions of the Application, which are deemed confidential pursuant to Section 655.057, Florida Statutes, and, as such, has been placed under seal.

Official Recognition was taken of Florida Administrative Code Rules 69U-105.001 through 65U-105.210.

No member of the public appeared at the public hearing, and no person spoke in opposition to the Application. The one-volume Transcript of the public hearing was filed on November 30, 2005. The Applicants and the OFR filed a Joint Proposed Report of Public Hearing on December 12, 2005.

FINDINGS OF FACT

1. On January 12, 2005, OFR received the Application. OFR published notice of receipt of the Application on January 28, 2005, in the Florida Administrative Weekly. OFR has satisfied the notice requirements of Subsection 120.80(3)(a)1.a., Florida Statutes, and Florida Administrative Code Rule 69U-105.103.

2. On February 3, 2005, OFR made a timely request for additional information regarding the Application. The Applicants answered this request in a letter dated May 5, 2005.

3. The Applicants, as required by federal law, have filed a separate application with the Federal Deposit Insurance Corporation.

4. The Applicants are foreign nationals. Mr. Eligio Cedño is proposed to own more than 25 percent of Intercontinental Bank's common stock, and Mr. Alvaro Gorrin Ramos is proposed to own more than 25 percent of Intercontinental Bank's common stock.

5. On September 19, Don Saxon, Commissioner of OFR, issued an Order Granting Office's Petition for Public Hearing on the Application.

6. The public hearing was scheduled for November 18, 2005, and the Applicants published a notice in the November 3, 2005, edition of The Miami Herald, which indicated the date, time, and location of the scheduled public hearing, and which otherwise

   complied with the requirements of Florida Administrative Code Rule 69U-105.105(1) and satisfied the notice requirement of Subsection 120.80(3)(a)4., Florida Statutes.

7. A public hearing was held as scheduled on November 18, 2005. No member of the public appeared at the hearing, and no person expressed opposition to the Application.

8. Mr. Eligio Cedño, a proposed major shareholder of Intercontinental Bank, has more than 26 years of banking and financial experience. He has experience as a senior officer, director, and major shareholder with various financial institutions, including Bolivar, Banco, C.A. Mr. Cedño appears to be sufficiently qualified by reputation, character, experience, and financial responsibility to control Intercontinental Bank in a legal and proper manner, and the interests of the other stockholders and the depositors and creditors of the bank, and the interests of the public generally will not be jeopardized by the proposed change in ownership.

9. Mr. Gorrin Ramos, a proposed major shareholder of Intercontinental Bank, is a businessman with a variety of business interests throughout the United States and Venezuela. He has prior financial institution experience with Banco Canarias. Mr. Ramos appears to be sufficiently qualified by reputation, character, experience, and financial responsibility to control Intercontinental Bank in a legal and proper manner,

   and the interests of the other stockholder and the depositors and creditors of the bank, and the interests of the public generally will not be jeopardized by the proposed changes in ownership.

10. Neither of the Applicants has been convicted of, or pled guilty or nolo contendre to any violation of Section 655.50, Florida Statutes, relating to the Florida Control of Money Laundering in Financial Institutions; Chapter 896, Florida Statutes, relating to offenses related to financial institutions; or any similar state or federal law.

11. OFR conducted a background investigation on the Applicants and discovered no information to preclude the Applicants from acquiring the aforementioned shares of common stock in Intercontinental Bank.

12. The current management and directors of Intercontinental Bank, including its president, Mr. Amadeo Lopez-Castro, Jr., will maintain their positions in the bank and will continue to manage the institution. In addition,

    Messrs. Carlos J. Fernandez, Alvaro J. Gorrin, and Marcel Rotker will be added to the existing board of directors of the bank.

13. Intercontinental Bank's business plan reflects that the bank will offer full-service banking to individuals and businesses located primarily in the Miami-Dade County community.

DONE AND ENTERED this 10th day of January, 2006, in Tallahassee, Leon County, Florida.

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SUSAN B. HARRELL

Administrative Law Judge

Division of Administrative Hearings The DeSoto Building

1230 Apalachee Parkway

Tallahassee, Florida 32399-3060

(850) 488-9675 SUNCOM 278-9675

Fax Filing (850) 921-6847 www.doah.state.fl.us

Filed with the Clerk of the Division of Administrative Hearings this 10th day of January, 2006.

ENDNOTE

1/ All references to the Florida Statutes are to the 2005 version.

COPIES FURNISHED:

Alcides I. Avila, Esquire Patricia M. Hernandez, Esquire Holland & Knight, LLP

701 Brickell Avenue, Suite 3000

Miami, Florida 33131

Lorraine M. Novak, Esquire Division of Financial Institutions Office of Financial Regulation

200 East Gaines Street

The Fletcher Building, Suite 526 Tallahassee, Florida 32399-0379

Bruce Kuhse, Esquire

Division of Financial Institutions Office of Financial Regulation

200 East Gaines Street

The Fletcher Building, Suite 526 Tallahassee, Florida 32399-0379

Don B. Saxon, Commissioner Office of Financial Regulation Financial Service Commission

200 East Gaines Street Tallahassee, Florida 32399

Robert Beitler, General Counsel Office of Financial Regulation The Fletcher Building, Suite 526

101 East Gaines Street Tallahassee, Florida 32399-0350

NOTICE OF RIGHT TO SUBMIT EXCEPTIONS

All parties have the right to submit written exceptions within

10 days from the date of this Report of Public Hearing. Any exceptions to this Report of Public Hearing should be filed with the Office of Financial Regulation.

Docket for Case No: 05-003383

Orders for Case No: 05-003383