South Florida Business Journal names Apollo Bank a finalist in Bank M&A Deal of the Year.

SFBJ - November 11-17 Issue:

FINALISTS

Apollo Bank
For acquisition by local investors
www.apollobank.com
1150 S. Miami Ave., Miami 33130
(305) 398-9004

Eddy Arriola was initially looking to open a new bank, but when the financial meltdown took hold, he found that it was better to acquire an existing bank and recapitalize it.

A group of 130 local investors, led by Arriola, acquired United Credit Bank in 2010 and renamed it Apollo Bank. They invested $15 million to restore it to “well capitalized” status and brought in Richard Dailey as president and CEO.

Apollo Bank has since increased its core deposits and posted three straight quarters of profits through the second quarter of 2011. It plans to open a Coral Gables branch next year.