The Real Deal Miami

BB&T bank growing in South Florida

November 02, 2011 10:02AM

North Carolina-based BB&T bank is furthering its strategic expansion into South Florida after announcing that it will buy out branch locations and assets of Ft. Lauderdale-based community bank BankAtlantic.
 
After an aggressive, but unsuccessful campaign to purchase assets from the Royal Bank of Canada, BB&T CEO Kelly King said the new South Florida deal is specifically designed to speed up the bank’s financial presence in Miami and Port St. Lucie.

Along with 78 physical branch locations throughout South Florida, BB&T will also purchase $3.3 billion in deposits and $2.1 billion in loans from BankAtlantic, although the deal specifies that BB&T will not purchase any loans that are past due or in danger of default.
 
The sale has already been approved by both companies, but needs the go-ahead from federal and state regulatory agencies before it can be finalized.
 
BankAtlantic Bancorp, parent company of BankAtlantic, will still retain $623.6 million in real estate holdings, reserves and other loans.
 
Alan Levan, CEO of BankAtlantic Bancorp, has said that the company will change its name after the deal closes and concentrate on specialty commercial loans and financing. [CBS Miami]