The Real Deal Miami

Apollo Bank scrambles to organize

April 14, 2009 10:34AM

Real estate and local finance figures are among the backers of Apollo Bank, which is trying to raise $20 million in capital to open in Coral Gables. The Florida Office of Financial Regulation has approved its application, though Apollo still needs approval from the Federal Deposit Insurance Corp. and the Federal Reserve System’s board to begin operations. The bank has leased space at 1826 Ponce de Leon Boulevard and plans to open in September with about 11 employees in its first location, chairman Eddy Arriola said. Organizers include Matthew L. Adler, senior VP and chief investment officer of Adler Group, a major commercial real estate firm; Robert Behar, president of architectural firm Behar Font & Partners; and William Holly, founder, president and CEO of Holly Real Estate.