Tampa Florida-based $10.4B Suncoast Credit Union, the 10th largest in the country, has announced plans to purchase Apollo Bank, a $746M financial institution headquartered in Miami. If plans go through, this would be the largest credit union purchase of a bank to date and will continue to shine the spotlight on such transactions. Multiple industry analysts have forecast that more deals of this magnitude and larger are expected to continue well into 2020.
Apollo
Bank, which opened its doors in 2010, has approximately 100 employees
and five branches in Miami’s Brickell Financial District, Doral, Coral
Gables, Kendall and Hialeah markets. The bank has been profitable, making $8.9 million in 2018 and $5.4 million through September of this year.
“We
are pleased and enthusiastic to bring the value of Suncoast Credit
Union to this important community,” said Suncoast CEO Kevin
Johnson. “Our excellent rates, low fees and community service will have
a positive impact in South Florida. We look forward to the Apollo team
joining our organization and continuing to serve their commercial
customer base. Bringing the benefits of membership offered by Florida’s
largest credit union to the diverse cultural population in Miami is a
privilege that we take great pride in sharing.”
Apollo Bank CEO and Chairman Eddy Arriola, who will serve
as Suncoast’s new South Florida market president added, “Apollo Bank has
thrived by meeting the needs of South Florida businesses, delivering
exceptional service, investing in our communities, and nurturing talent.
Nearly a decade after launching, we realized that partnering with a
larger institution would put our team in position to offer even more
products and services to clients while allowing our bank to scale. After
considering a range of options, it became clear that Suncoast Credit
Union was the right partner. Suncoast is a Florida market leader that
shares Apollo Bank’s deep-rooted commitment to client service and
community involvement.”
The transaction is expected to close in 2020, subject to shareholder and regulatory approvals.
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