When a group of would-be bank organizers recently landed a small Florida institution, they were foreshadowing the near-term future of industry M&A.

Frustrated by a wait for a charter, Apollo Bancshares went hunting for a small bank in its target market of south Florida. It found such a launch vehicle in Miami, where Union Credit Bank was willing to give up a controlling stake in return for a recapitalization. Apollo agreed to buy that stake in the $154 million-asset Union Credit for $15 million.

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