TAMPA — Suncoast Credit Union is acquiring Miami-based Apollo Bank, the Tampa credit union announced Tuesday. The deal is the largest acquisition by a credit union since at least 2012, according to the Federal Reserve Bank of St. Louis.
“The area is home to the fastest-growing market for small businesses and an established and growing Hispanic community,” Suncoast said in a release.
The financial terms of the deal, which is expected to close next year, were not disclosed. Apollo has roughly 100 employees and five branches in Miami. It currently has $746 million in assets. Suncoast is the state’s largest credit union, with the eighth-largest membership in the country. It has 69 branches in 21 Florida counties.
According to industry group Credit Union National Association, just 30 credit unions acquired independent banks between 2012 and June of this year. The majority of independent bank sales (2,003 sales) were made to other banks during that period.