Seacoast Banking Corp. of Florida has agreed to acquire Apollo Bancshares in Miami for $168 million.
The $9.7 billion-asset Seacoast would add Apollo to a long list of community bank acquisitions in its home state in recent years. It closed seven deals over the past five years alone, and it followed up with two more in January — its
The $1 billion-asset Apollo operates five branches across Miami-Dade County with deposits of approximately $928 million and loans of $665 million. The deal would deepen in Stuart, Florida-based Seacoast’s toehold in the southern part of the state, particularly in Miami, the region’s financial center.
“Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market,” Charles Shaffer, Seacoast's chairman and CEO, said in a release announcing the deal after markets closed Tuesday. “We see a great opportunity to grow our presence and expand our position in South Florida by complementing Apollo’s strengths with Seacoast’s innovation and breadth of offerings."
“The transaction will build upon our previous South Florida acquisitions and organic growth, adding scale in one of the fastest growing and most dynamic markets in the United States, and we expect it to be significantly accretive to earnings in 2023,” Shaffer added.
Seacoast said it expects the transaction, projected to close in the fourth quarter, to be 8% accretive to earnings per share in 2023, with “modest” dilution of tangible book value. It expects to earn back the dilution in just over two years.
Seacoast's deposits in the Miami-Fort Lauderdale-Pompano Beach metropolitan area would increase by 45% to approximately $2.7 billion, it said.
Eddy Arriola, chairman and CEO of Apollo, would join Seacoast and serve as Miami-Dade market executive as part of the deal.
“Since 2010, Apollo Bank has been committed to propelling South Florida businesses with relationship-focused service and competitive products,” Arriola said in the release. “We are delighted to join forces with Seacoast Bank, which shares our values and has been serving Florida consumers and businesses for nearly a century.”
