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Business Observer Tuesday, May 12, 2020 1 week ago

Credit union, bank abandon merger plan

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Suncoast Credit Union had been in talks to acquire Miami-based Apollo Bank before the COVID-19 crisis.

TAMPA — The COVID-19 economic crisis has halted Suncoast Credit Union’s bid to acquire Miami-based Apollo Bank. 

The Tampa-based credit union — Florida’s largest and the 10th-largest in the nation — had been in talks to merge with Apollo since December. In a statement, Suncoast CEO Kevin Johnson says the decision to abandon the merger was mutual.

“After a considerable due diligence process including numerous hours of discussion and planning, Suncoast Credit Union and Apollo Bank have mutually agreed to terminate the definitive agreement to merge,” Johnson states. “The agreement, signed in December 2019, has been in the process of regulatory review and approval; however, the economic disruption caused by COVID-19 has forced us to re-examine our plan."

He adds, "Both parties have come to an amicable agreement with no harm or malice, believing that the current conditions no longer represent a viable option that would allow the acquisition to move forward.”

Founded in 2001, Apollo has five branches and more than $745 million in total assets. Suncoast serves more than 884,000 members in 39 Florida counties and boasts some $11.4 billion in total assets. 

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