24 Jan, 2022

Apollo Bank reaches $1B in assets

Apollo Bank President Ramon Rodriguez and CEO Eddy Arriola

By Ashley Garrett – Digital Producer, South Florida Business Journal
Jan 22, 2022

Apollo Bank reached $1 billion in total assets for the first time in its 12-year history, the
Miami-based financial institution told the Business Journal Thursday.

In an announcement, Apollo credited organic growth and investments in tech and talent for
its increase from $100 million to $1 billion in assets over the past decade. The milestone
coincides with a period of strong growth for Apollo after its canceled 2020 merger with
Tampa-based Suncoast Credit Union.

2021 brought a number of high-level changes for the bank as it announced industry
veteran Ramon Rodriguez as its new president, in addition to multiple other leadership hires
and promotions.

Founded in 2010, Apollo joined South Florida’s banking landscape shortly after the Great
Recession. Its presence has since grown to five branches in Miami’s Brickell, Doral, Coral
Gables, Hialeah and Kendall.

“Back in 2008, in the height of the recession, I spoke with several industry veterans about
opening a community bank focused on commercial clients. Everyone thought I was crazy,”
said Eddy Arriola, chairman and CEO.

“Now 10 years after launching Apollo Bank, I am proud of the organization we’ve built, how we’ve supported our community through the most uncertain times, including the pandemic, and how together, we have helped Miami transform into one of the financial and business capitals of the world.”

As Apollo positions itself to compete for South Florida’s influx of wealthy residents, the bank
has doubled down on its digital offerings and added additional business lines. Last year, it
established a residential lending division dedicated to servicing commercial clients, new-to-market business owners and investors.

“For more than a decade, Apollo Bank has proudly served as a business partner, adviser and
facilitator for our commercial clients in this dynamic community,” Rodriguez said.

“As our economy diversifies, it creates an opportunity for the bank to augment and invest in our
residential lending team, which is providing financing to local, national, and international
high-net-worth individuals.”

Apollo, one of South Florida's largest community banks, held a 0.26% market share
and $832.7 million in deposits as of June 30, according to data from the FDIC.

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