BB&T Corporation (NYSE: BBT) has got the final approval for its acquisition of Bank Atlantic (NYSE: BBX). The deal was announced in November in order to expand BBT’s operations in South Florida.
The transaction has been approved by the board of governors of the Federal Reserve System and the Federal Deposit Insurance Corporation along with the North Carolina Office of the Commissioner of Banks.
Under the deal BBT, the North Carolina-based bank has agreed to pay a premium of around $301 million more than the net asset value worth $2.1 billion in loans and around $3.3 billion in deposits.
BBT agreed to take $285 million of BankAtlantic Bancorp’s debt related to preferred securities. The action came into the picture after the Delaware Court of Chancery said the the deal might not go forward until BBT assumes more of BankAtlantic Bancorp’s debt. The rest of the terms of the deal remains the same.
BBT said that the deal would be completed quickly and the branches acquired under the deal will be renamed as BBT in the fourth quarter only.
BBT is based in Winston Salem NC and has announced its plans to acquire Bank Atlantic (NYSE: BBX) on November 1, which is a wholly owned subsidiary of parent Bank Atlantic Bank Corp Inc. The deal includes 78 of the rest of the branches of Bank Atlantic with its deposits and part of its portfolio.
Whereas, Bank Atlantic, which is a community bank based in Fort Lauderdale, started its operations in 1952.