Suncoast Credit Union recently announced the signing of an agreement to purchase Miami-based Apollo Bank.
The deal is the largest bank acquisition by a credit union in U.S. history and the 12th acquisition of its kind in Florida, according to a Florida Weekly article.
Apollo Bank is a leading community bank in Florida that is locally operated and owned by shareholders with $746 million in assets and about 100 employees. The bank, which launched in 2010, operates five branches in Miami’s Brickell Financial District, Doral, Coral Gables, Kendall and Hialeah.
According to Suncoast Credit Union CEO Kevin Johnson, the agreement supports the credit union’s mission and strategic growth goals, expanding the footprint into an important region of Florida.
“We are pleased and enthusiastic to bring the value of Suncoast Credit Union to this important community,” he said told Florida Weekly. “Our excellent rates, low fees and community service will have a positive impact on 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 population in Miami is a privilege that we take great pride in sharing.”
Also featured in: Florida Weekly