Apollo Bank in Miami, which tried unsuccessfully to sell itself to a credit union, has formed a residential lending division.
The $850 million-asset bank’s new mortgage operation will focus on high-net-worth individuals in Southern Florida, according to the South Florida Business Journal. The move creates a dedicated group to build on Apollo’s existing mortgage lending capabilities.
Apollo hired Agustin Goytisolo to lead the division. The bank plans to hire five to seven to fill out the operation.
The bank agreed in December 2019 to be sold to Southeast Credit Union in Tampa, Fla., in what would have been the biggest credit union-bank merger. But the pandemic scuttled those plans, and the financial institutions mutually terminated the deal in May 2020.