July 31 Regional lender BB&T Corp said
it will complete its acquisition of BankAtlantic Bancorp's
banking subsidiary on Tuesday after federal regulators
approved a deal that expands its presence in Southeast Florida.
Winston-Salem, North Carolina-based BB&T agreed in November
to buy BankAtlantic's primary subsidiary, but had to sweeten the
offer in March after it faced resistance from investors, who
feared the purchase favored the management over debtholders.
Under the agreement, BB&T acquires $3.3 billion in deposits
and $2.1 billion in loans for an estimated premium of $301
million above the net asset value of BankAtlantic at closing. It
also agreed to assume the holding company's obligations on $285
million in trust preferred securities.
In February 2011, BankAtlantic and its holding company were
ordered by regulators to boost capital after losses ballooned on
bad real estate loans made during the housing bubble.
BankAtlantic hasn't posted a profit since 2006.
BB&T won approval for the deal from the Federal Reserve
Board and the Federal Deposit Insurance Corp. It already had
permission from the North Carolina state banking commissioner.
BankAtlantic's signs will be changed in the fourth quarter,
BB&T said. It will now have the sixth-largest share of deposits
in the Miami market.
BankAtlantic shares were up 2.2 percent to $6.09 in early
afternoon trading, while BB&T shares fell 1 percent to $31.39.