Apollo Bancshares in Miami, Fla., has agreed to buy First Bank of Miami in Coral Gables.
The deal will give Apollo a total of seven branches in the Miami area and increase its asset size to roughly $465 million, according to a Tuesday press release. Apollo currently has $257 million of assets and three branches, according to the Federal Deposit Insurance Corp.
Terms of the deal were not disclosed.
Apollo, which was founded in 2010, decided to buy the $198 million-asset First Bank to expand its geographic reach and lending capabilities, the release said.
"This acquisition will provide a big boost to Apollo Bank's existing clientele and our teams ability to grow our commercial and retail loan portfolios," Apollo Bank President and Chie Executive Richard Dailey said in the release. "Beyond giving the Apollo Bank brand a physical presence in some of South Florida's key residential and business centers, this will enhance our capacity to originate larger loans and service larger businesses that are fueling Miami's economic recovery."
Houlihan Lokey Capital was Apollo's financial advisor, and Fenimore, Kay, Harrison & Ford was the legal counsel. Monroe Financial Partners served as financial advisor to First Bank of Miami; Shutts & Bowen acted as legal counsel.