MIAMI—Apollo Bank just won the regulatory nod to acquire First Bank of Miami. The move will nearly double the bank's asset base, expand its lending capabilities and add to its existing branch networks across Miami-Dade County.

The regulatory-approved transaction paves the way for Apollo Bancshares, the holding company for Miami-based Apollo, to buy out First Bank of Miami Shares, the holding company for First Bank. The merged banks will have $500 million in assets and an increased lending limit of up to $12 million.

“The timing was right for Apollo Bank to grow through acquisition, given increased demand for commercial lending in Miami-Dade County and an improving economy,” says Apollo chairman Eddy Arriola. “First Bank of Miami was the right acquisition target given our similar community banking platforms and complementary geographic reach. Apollo Bank can now provide more services to our clients while originating larger loans.”