Apollo Bank receives final approvals to acquire First Bank of Miami

Apollo Bank said Monday that it has received all the final regulatory approvals for its planned acquisition of First Bank of Miami.

Miami-based Apollo said that it expects to complete the purchase, which will bring it to $500 million in assets, by the second week of August.

Once the deal closes, Apollo’s branch network will expand to downtown Miami, Hialeah, Kendall, Coral Gables and Doral, in addition to its main office in the Brickell financial district. The bank’s lending limit will increase to $12 million.