Recently, BankAtlantic agreed to sell its 19 branches and two related facilities in the Tampa – St. Petersburg area and the associated deposits to PNC.
PNC previously received regulatory approval for its purchase of the Tampa – St. Petersburg franchise.
BankAtlantic Bancorp chairman and CEO Alan Levan said the sale of the Tampa locations will allow BankAtlantic to focus its efforts on its primary footprint, its 79 branches in Southeast Florida.
"Once completed, we anticipate recording a net gain on this transaction which, combined with the reduction in assets from the sale and based on current deposit levels and financial statements, is estimated to add over 130 basis points to our regulatory capital ratios," Levan said.
The transaction, which remains subject to the terms and conditions of the acquisition agreement and regulatory requirements, is anticipated to close during the first week of June 2011.
