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Tampa Bay-Lakeland
Business Observer Thursday, Aug. 5, 2010 8 years ago

BankAtlantic exits Tampa

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In its latest earnings release, the bank revealed plans to sell its Tampa assets.

The poor performance of Fort Lauderdale-based BankAtlantic Bancorp Inc. in its most recent quarter will have an impact on the Gulf Coast's banking landscape.

After posting a $51.3 million net loss, the company announced that it plans to sell its Tampa banks.

BankAtlantic is seeking a buyer for its Tampa assets in an effort to concentrate on the South Florida market, where it has been most successful. Up for sale are 19 Tampa Bay area branch locations, which house $400 million in deposits.

The sale would save the company between $15 million and $20 million in annual expenses, as well as improve regulatory capital ratios, a release said.

BankAtlantic Bancorp Inc. manages $4 billion in deposits.

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