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March 30, 2022

Seacoast signs deal to buy Apollo Bancshares for $168.3m

Seacoast National Bank’s parent Seacoast Banking Corporation of Florida (Seacoast) has signed an agreement to buy Apollo Bancshares (Apollo) for $168.3m.

Apollo Bancshares holds an 84.66% stake in Apollo Bank and the remaining 15.34% is owned by a group of shareholders.

As per the terms of the agreement, Seacoast will offer 1.006529 shares of Seacoast common stock for each share of Apollo common stock to Apollo shareholders.

Apollo Bank’s minority stakeholders will receive 1.195651 shares of Seacoast common stock for each share of Apollo Bank common stock they own.

The deal includes five branches of Apollo Bank, which had $928m in deposits and $665m in loans as of 31 December 2021.

Seacoast stated that the deal brings a ‘high-quality’ Miami banking franchise and a team with relationships and experience in a financially attractive market.

The deal will increase Seacoast’s deposits in the Miami-Fort Lauderdale-Pompano Beach MSA by 45% to approximately $2.7bn.

Seacoast chairman and CEO Charles Shaffer said: “Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market. 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.”

Apollo and Apollo Bank chairman and CEO Eddy Arriola said: “Since 2010, Apollo Bank has been committed to propelling South Florida businesses with relationship-focused service and competitive products.

“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.”

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