Why Apollo Bank Acquired First Bank of Miami

MIAMI—Apollo Bank just won the regulatory nod to acquire First Bank of Miami. The move will nearly double the bank's asset base, expand its lending capabilities and add to its existing branch networks across Miami-Dade County.

The regulatory-approved transaction paves the way for Apollo Bancshares, the holding company for Miami-based Apollo, to buy out First Bank of Miami Shares, the holding company for First Bank. The merged banks will have $500 million in assets and an increased lending limit of up to $12 million.

“The timing was right for Apollo Bank to grow through acquisition, given increased demand for commercial lending in Miami-Dade County and an improving economy,” says Apollo chairman Eddy Arriola. “First Bank of Miami was the right acquisition target given our similar community banking platforms and complementary geographic reach. Apollo Bank can now provide more services to our clients while originating larger loans.”

Apollo's philosophy—high touch, high tech service model—will remain at the core of the merged community bank's strategy. Operations will continue at First Bank's bank branches under the Apollo banner.

Apollo's expanded branch network will now include seven locations in Miami-Dade County's chief business and residential neighborhoods. Former First Bank locations in Downtown Miami, Hialeah, Kendall, and Westchester will join Apollo branches in the Brickell Financial District, Coral Gables. and Doral. The Brickell location will remain the bank's headquarters.

“This acquisition gives Apollo Bank the resources needed to grow our client base organically, through commercial lending and a stronger presence in the community,” says Apollo president and CEO Richard Dailey. “We want Apollo Bank to be viewed as the bank of choice for entrepreneurial businesses in Miami that value highly-personal service and local ownership and decision-making.”