US-based BankAtlantic is awaiting approval from the Federal Reserve while BB&T is awaiting approval from the Federal Reserve and FDIC but it already received the necessary approval of the North Carolina Office of the Commissioner of Banks.
BankAtlantic Bancorp’s chairman and CEO Alan Levan said that the company is pleased with the OCC’s approval as another step in the process toward consummation of the transaction.
"We continue to anticipate that closing will occur in the second quarter of 2012, subject to the timely receipt of remaining required regulatory approvals and the satisfaction of other closing conditions," Levan said.
BankAtlantic has a network of 78 branches between Port St. Lucie and Miami and the transaction is expected to improve BB&T’s market share in the Miami metropolitan statistical area.
