Banking

Seacoast extends purchasing spree with purchase of Apollo Bancshares

Seacoast Banking Corp. in Stuart, Florida has actually consented to get Apollo Bancshares in Miami for $168 million.

The $9.7 billion-asset Seacoast would include Apollo to a long list of neighborhood bank acquisitions in its house state over the last few years. It closed 7 offers over the previous 5 years alone, and it followed up with 2 more in January — its buyouts of Sabal Palm Bancorp and Business Bank of Florida, Corp.

The $1 billion-asset Apollo runs 5 branches throughout Miami-Dade County with deposits of roughly $928 million and loans of $665 million. The offer would deepen Seacoast’s toehold in southern Florida, especially in Miami, the area’s monetary center.

“Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market,” Charles Shaffer, Seacoast’s chairman and CEO, stated in a release revealing the offer after markets closed Tuesday. “We see a great opportunity to grow our presence and expand our position in South Florida by complementing Apollo’s strengths with Seacoast’s innovation and breadth of offerings.

“The transaction will build upon our previous South Florida acquisitions and organic growth, adding scale in one of the fastest growing and most dynamic markets in the United States, and we expect it to be significantly accretive to earnings in 2023,” Shaffer included.

Seacoast stated it anticipates the deal, predicted to close in the 4th quarter, to be 8% accretive to profits per share in 2023, with “modest” dilution of concrete book worth. It anticipates to make back the dilution in simply over 2 years.

Seacoast’s deposits in the Miami-Fort Lauderdale-Pompano Beach city would increase by 45%, to roughly $2.7 billion, it stated.

Eddy Arriola, chairman and CEO of Apollo, will sign up with Seacoast and act as Miami-Dade market executive as part of the offer.

“Since 2010, Apollo Bank has been committed to propelling South Florida businesses with relationship-focused service and competitive products,” Arriola stated in the release. “We are delighted to join forces with Seacoast Bank, which shares our values and has been serving Florida consumers and businesses for nearly a century.”



Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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