Apollo Bank bullish on organic growth after nixed sale – American Banker

Miami-based Apollo Bank is focusing on growing organically as an independent bank over the next 10 years by upgrading its digital platforms and boosting its commercial lending business, American Banker reported Feb. 8, citing Chairman and CEO Eddy Arriola.

The bank, with close to $850 million in assets as of the end of 2020 based on S&P Global Market Intelligence data, intends to hire more lenders on the back of expected higher demand for business loans as early as the second half of 2021, according to the report.

Apollo Bank recently hired Ramon Rodriguez from City National Bank of Florida to become president to boost Apollo Bank's lending business, American Banker quoted Rodriguez as saying.

Apollo Bank's shift in plans came after the COVID-19 pandemic derailed what could have been the bank's record merger into Tampa, Fla.-based Suncoast CU in 2020.

Arriola is not seeing another sale for now but said his bank is open to clinching another deal in the future, but as a buyer, according to the report.