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The Miami area was hit hard when the housing bubble burst. Five years later, the area is starting to see more activity from foreign investors and new construction is under way, giving hope to the rest of the state's banks.
August 7 -
Bill Heffernan has done it all over four decades in Miami banking, and has even been a mayor of a small town. Now, as a new board member of Apollo Bank, he'll advise the community bank on growth strategies.
August 29 -
South Florida banking is not for the faint of heart. The local banking community has been pummeled and the regional business market is still smarting from the real estate crisis.
February 28 -
A new bank is opening for business in Miami today, backed by $22 million of capital, the most ever for a Florida-chartered start-up.
November 4 -
Regulators have entered into a consent order with First Bank of Miami that requires the Coral Gables, Fla., company to maintain certain capital levels and ensure compliance with the Bank Secrecy Act.
June 29
Apollo Bancshares in Miami, Fla., has agreed to buy First Bank of Miami in Coral Gables.
The deal will give Apollo a total of seven branches in the Miami area and increase its asset size to roughly $465 million, according to a Tuesday press release. Apollo currently has $257 million of assets and three branches, according to the Federal Deposit Insurance Corp.
Terms of the deal were not disclosed.
Apollo, which was founded in 2010, decided to buy the $198 million-asset First Bank to expand its geographic reach and lending capabilities, the release said.
"This acquisition will provide a big boost to Apollo Bank's existing clientele and our teams ability to grow our commercial and retail loan portfolios," Apollo Bank President and Chie Executive Richard Dailey said in the release. "Beyond giving the Apollo Bank brand a physical presence in some of South Florida's key residential and business centers, this will enhance our capacity to originate larger loans and service larger businesses that are fueling Miami's economic recovery."
Houlihan Lokey Capital was Apollo's financial advisor, and Fenimore, Kay, Harrison & Ford was the legal counsel. Monroe Financial Partners served as financial advisor to First Bank of Miami; Shutts & Bowen acted as legal counsel.
