Credit union gets bigger — and dismantles more of the community bank model

Suncoast Credit Union seized the buy-to-grow strategy when faced with a obstacle to its asset expansion.


  • By
  • | 8:00 a.m. December 20, 2019
  • | 0 Free Articles Remaining!
Mark Wemple. Kevin Johnson says the acquisition of Miami-based Apollo Bank will help Suncoast Credit Union make headway in the South Florida market.
Mark Wemple. Kevin Johnson says the acquisition of Miami-based Apollo Bank will help Suncoast Credit Union make headway in the South Florida market.
  • Finance
  • Share

It’s not every day you see a credit union buying a bank in Florida. And never before has the target been this big.

But that’s what can happen when you reach $10 billion in assets. Suncoast Credit Union, headquartered in Tampa, reached that mark May 31. Six months later, the credit union bought Miami-based Apollo Bank, with $746 million in assets. Terms of the deal, announced Dec. 3, weren’t disclosed.

 

Continue reading your article
with a Business Observer subscription.
What's included:
  • ✓ Unlimited digital access to BusinessObserverFL.com
  • ✓ E-Newspaper app, digital replica of print edition
  • ✓ Mailed print newspaper every Friday (optional)
  • ✓ Newsletter of daily business news

Latest News

Sponsored Content