BB&T Corporation, a financial services holding companies in the US, has enetered into definitive agreement to acquire Florida-based BankAtlantic, the wholly-owned subsidiary of BankAtlantic Bancorp.
According to BB&T, the strategic acquisition of BankAtlantic expands its presence in Southeast Florida, bringing in $3.3bn in predominantly core, low-cost deposits to BB&T, boosting its market share to No. 6 in the Miami market.
Under the terms of the agreement, BB&T will acquire approximately $2.1bn in loans and assume approximately $3.3bn in deposits for an estimated premium of $301m above the net asset value of BankAtlantic at closing.
This transaction improves BB&T’s market share in the Miami metropolitan statistical area (MSA) from No. 14 to No. 6 and significantly accelerates BB&T’s expansion in the region, said BB&T.
BB&T Corporation chairman and CEO Kelly King said this acquisition of BankAtlantic is a compelling strategic expansion into important long-term markets in Southeast Florida.
Deutsche Bank Securities provided financial advice and Squire, Sanders & Dempsey provided legal counsel to BB&T in this transaction.