South Florida-based leading community bank Apollo Bank has hit $1 billion in assets amidst the bank’s strongest growth year to-date. In the past ten years the bank has grown from $100 million to $1 billion. Apollo Bank focused on investing in technology and talent, including the addition of a new president and grew its residential lending division with the aim of supporting commercial clients. The bank’s steady growth over the past decade is reflective of Miami’s rise over the same period as a hub for business, investment, lifestyle, and arts and culture, which has fueled the region to lead the nation in a strong pandemic recovery led by significant wealth and business migration.
Apollo Bank is now the region’s leading community bank with five branches across Miami-Dade County’s key business sectors, including Brickell, Coral Gables, Doral, Kendall, and Hialeah. This growth has been despite the number of community banks in South Florida decreasing by more than half over the past decade as a result of acquisitions from larger financial institutions.
To start off 2021 Apollo Bank appointed Ramon Rodriguez as bank president, a well-respected leader and longtime banking executive. At the same time, the bank also announced significant investments in enhancing digital capabilities and recruiting top talent to ensure long-term growth while continuing to offer best-in-class service. As South Florida has experienced an expansion of its business landscape fueled by financial firms, investors and the tech industry all cementing roots in the region, Apollo Bank also grew its residential lending division aimed at supporting existing and potential commercial clients, new-to-market business owners and investors.
“Before the pandemic, Apollo Bank was already adding new technologies to its suite of services, including advances in mobile banking to match the bank’s elevated level of personalized and convenient service,” said Eddy Arriola, Chairman and CEO of Apollo Bank. “Like many other trends, the pandemic further accelerated the banking industry’s digital needs, resulting in the bank embarking on a digital revolution including the introduction of a new app, enhanced mobile banking, an optimized website and digitized internal systems to streamline internal communication.”
“As our economy diversifies, it created 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,” said Ramon Rodriguez, President of Apollo Bank.
When Apollo Bank first launched in 2010, the $100 million institution had one branch in Brickell, Miami’s Financial District, and was founded by local businesspeople to serve South Florida’s business community, with an emphasis on forging long-term relationships with clients through exceptional service. While Miami was just starting to recover from a nationwide recession, the founder of Apollo Bank believed the current economic climate coupled with consolidation in the banking sector, made it an opportune time to launch a community bank.
“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,” Mr. Arriola added. “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.”