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Suncoast Credit Union, Miami bank call off their planned merger

May 12, 2020 - Suncoast Credit Union in Tampa and Apollo Bank in Miami have ended plans to merge. The decision to terminate the merger was mutual and followed a series of coronavirus-related regulatory delays, according to the Miami Herald. There was too much uncertainty to continue with the deal, Kevin Johnson, Suncoast president and CEO, told the Miami Herald. Suncoast, the largest credit union in Florida, signed a definitive agreement to buy Apollo Bank in December. Terms were not disclosed but Suncoast described the deal at that time as the largest bank acquisition by a credit union in U.S. history.

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