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BB&T buys unit of Florida bank
Submitted by Special on Tue, 11/01/2011 - 12:16pm.
NEW YORK — BB&T Corp. will acquire Florida lender BankAtlantic, the banking unit of holding company BankAtlantic Bancorp for about $301 million, continuing BB&T's push further into Florida.
Winston-Salem, N.C.-based BB&T said the purchase would boost its market share in Florida, a state where many banks have been expanding as it recovers.
And with a relatively slim 9% premium on the deposits, while leaving the loans that hobbled BankAtlantic behind, BB&T is getting the market share without much of the risk.
"We think Florida is a key to operating in the southeast markets," Chief Financial Officer Daryl Bible said in an interview. He said the bank sees it as a strong consumer area, particularly with the presence of many there to hibernate their winters in the Florida sun. "It's a great banking market; we are very excited to increase our presence."
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