Suncoast Credit Union buys Miami bank
December 3, 2019 - Suncoast Credit Union signed a definitive agreement to purchase Miami-based Apollo Bank. Apollo, with $746 million in assets and approximately 100 employees, is a locally owned and operated community bank that launched in 2010 and now has five branches in Miami’s Brickell Financial District, Doral, Coral Gables, Kendall and Hialeah. The deal is expected to close in 2020. Financial terms were not disclosed, but Suncoast said in a news release that it is the largest bank acquisition by a credit union in U.S. history and the 12th acquisition of its kind in Florida. Suncoast Credit Union, headquartered in Tampa, is the largest credit union in Florida, the eighth largest in the United States based on membership, and the 10th largest in the United States based on its more than $10 billion in assets.