BankAtlantic sells 19 branches

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.