Under the agreement, BankAtlantic has agreed to sell its 19 branches and 2 related facilities in the Tampa – St Petersburg area and the associated deposits (approximately $350m), to PNC.
BankAtlantic said that the sale of Tampa locations will allow it to focus its efforts on its primary footprint, consisting of 79 branches, in Southeast Florida.
In connection with this transaction, PNC has agreed to pay a premium for the deposits assumed by PNC in the transaction plus the net book value of the acquired real estate and fixed assets associated with the branches and facilities.
The transaction is complete during June 2011 and is subject to regulatory approvals and other customary terms and conditions.
