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Business Observer Monday, Jun. 6, 2011 9 years ago

BankAtlantic sells 19 branches

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The Fort Lauderdale bank exits the Tampa Bay market to focus elsewhere.

BankAtlantic Bancorp Inc. completed its sale of 19 Tampa Bay banking branches, plus two additional facilities, to PNC Bank N.A. this morning. The deal was first announced in January (see below).

Alan Levan, chairman and CEO for BankAtlantic, says his company will record a net gain of $38.2 million following the sale. The bank's assets will decline by $336 million, and its capital ratios will improve by 145 basis points, Levan added.

“This transaction allows BankAtlantic, now at approximately $4 billion in total assets, to focus its efforts on its core, primary market through its broad network of 79 branches in Southeast Florida extending from Miami-Dade, Broward, Palm Beach, Martin and St. Lucie counties,” Levan said in a prepared statement.

From January 31:

BankAtlantic Bancorp Inc. agreed to sell 19 bank branches and two related facilities in the Tampa Bay area to PNC Bank N.A., according to a company release issued this morning.

PNC will pay a premium to acquire the $350 million in deposits managed at those 19 branch locations, plus the net book value of the real estate and fixed assets associated with those locations. The deal is expected to close in June.

BankAtlantic first announced that it was looking to sell its Tampa Bay assets in August shortly after posting a $51.3 million quarterly net loss. The bank will now shift its focus to the 79 branch locations in its home market of Southeast Florida.

Pittsburgh-based PNC Bank operates 110 branch locations in Florida, but only four of those are currently within the Business Review's coverage area (three branches in Collier County, one in Sarasota).

PNC Financial Services Group Inc., the parent to PNC Bank, earned $3.4 billion in net income in 2010.

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