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To: richardred who wrote (2647)11/2/2011 1:26:50 AM
From: richardred  Respond to of 6515
 
BB&T Buys BankAtlantic Assets, 78 Branches

Published: Tuesday, 1 Nov 2011 | 9:01 AM ET

BB&T Corp. is buying the 78 remaining branches of BankAtlantic, along with its deposits and part of its loan portfolio. BB&T Corp., based in Winston-Salem, N.C., said Tuesday that the deal will expand its footprint in South Florida and add to earnings in 2012 minus acquisition costs.



Under the deal, BB&T [BBT 22.48 -0.86 (-3.68%) ] will pay a premium of about $301 million above net asset value 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.

BB&T is not buying BankAtlantic's non-performing assets, typically loans that are past due and considered in danger of default.

BB&T Chairman and CEO Officer Kelly King said the deal speeds up the bank's expansion in the Miami and Port St. Lucie markets.

The bank has been looking to expand. Earlier this year, BB&T lost out to PNC Financial Services Group Inc. in an attempt to buy the U.S. retail operations and credit-card assets of Royal Bank of Canada.

Most of BB&T's acquisitions in recent years have been through its insurance division, including two deals last month that saw BB&T Insurance Services bought Atlantic Risk Management of Columbia, Md., and Liberty Benefit Insurance in San Jose, Calif.

In 2009, BB&T took over the failing Colonial Bank of Montgomery, Ala., in an FDIC-assisted deal.

BankAtlantic, a community bank based in Fort Lauderdale, opened in 1952. In June, the bank's parent closed the sale of 19 branches in the Tampa-St. Petersburg area to PNC.

BankAtlantic Bancorp [BBX 5.00 2.63 (+110.97%) ], its parent, will retain certain performing and non-performing loans, real estate and related reserves valued at about $623.6 million. After the closing, the holding company will change its name and focus on specialty finance and commercial lending, said Chairman and CEO Alan Levan.

The companies did not say when they expect the deal to close. The sale was approved by the boards of both companies but will need federal and state regulatory approvals before it can go through.

cnbc.com|headline|quote|text|&par=yahoo



To: richardred who wrote (2647)8/27/2012 1:06:19 PM
From: richardred1 Recommendation  Read Replies (4) | Respond to of 6515
 
I'm currently looking at the small regional banking sector. Bank stocks, are a sector I've shied away from only until recently. Today's banking acquisition has renewed my interest. RE: M&T Bank Corp. will acquire New Jersey-based Hudson City Bancorp (NYSE: MTB) in a deal valued at around $3.7 billion. IMO-Banks will someday day be raising interest rates at a faster pace than paying it out to depositors. In the mean time, the fees they charge on services & loans will keep them up to snuff. A improving housing sector helps. RE: Show by many improving non performing loans statics I've seen on some balance sheets.

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