NEW YORK (AP) — BB&T Corp. is buying the 78 remaining branches of BankAtlantic, along with its deposits and part of its loan portfolio.
BB&T, of Winston-Salem, N.C., says the deal will expand its footprint in South Florida and add to earnings in 2012.
Under the deal, BB&T will pay a premium of in excess of $301 million for $2.1 billion in loans and roughly $3.3 billion in deposits. The exact premium will be based on deposits at closing, but will not be higher than $316 million.
BankAtlantic Bancorp is keeping certain assets worth about $623.6 million and will change its name after the sale.
BB&T shares dropped 68 cents, or 3 percent, to $22.66 in morning trading. BankAtlantic Bancorp Inc. shares almost tripled to $6.98.
Source: Associated Press