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BB&T buys BankAtlantic branches, assets for about $5.4 billion, aiming to expand in S. Florida
NEW YORK (AP) '
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.