Tags: BB&T | BankAtlantic | buys

BB&T Buys BankAtlantic Assets for $5.4 Billion

Tuesday, 01 Nov 2011 08:35 AM

 


BB&T Corp. is buying the 78 branches of BankAtlantic, along with its deposits and healthy loan portfolio, for about $5.4 billion.

BB&T, based in Winston-Salem, N.C., says the deal will expand its footprint in South Florida and add to earnings immediately, minus acquisition costs.

The agreement calls for BB&T to acquire $2.1 billion in loans and roughly $3.3 billion in deposits, for a premium of about $301 million, or 9 percent of deposits. The exact premium will be based on deposits at closing, but will not be higher than $316 million.

BB&T is not buying BankAtlantic's non-performing assets, typically loans that are past due and considered in danger of default.

BB&T shares dropped 41 cents, or 2 percent, to $22.93 in premarket trading. BankAtlantic shares more than tripled to $7.99.


© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved