
Posted December 09, 2019
Suncoast Credit Union, Florida's largest credit union, signed a definitive agreement to acquire Apollo Bank, setting the Tampa-based credit union up for a major move into the Miami market, the financial institutions announced Tuesday. The sum of the deal is undisclosed.
If regulators approve the deal, it would be the largest bank acquisition by a credit union since 2012, when the Federal Reserve Bank of St. Louis began tracking such figures.
"The Miami market is the most populous market in the state and we just felt like Suncoast, being what it is, we owe it to Florida and Miami to have a presence down there to offer great financial services options to those consumers in that market," Suncoast CEO Kevin Johnson told Banking Dive.
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