BB&T To Expand Presence In South Florida

MIAMI (CBSMiami/AP) – BB&T Corp. plans to expand its presence in South Florida by acquiring nearly five and half billion in healthy loans, deposits and bank branches from BankAtlantic.

In addition to purchasing 78 branch locations, the North Carolina based BB&T will also acquire $2.1 billion in loans and roughly $3.3 billion in deposits for nine percent of deposits, or about $301 million, based on the value of the deposits at closing.

Under terms of the deal, BB&T will not be buying any of BankAtlantic’s past due loans or loans in danger of default.

On news of the purchase announcement, BankAtlantic shares more than tripled to $7.99 while BB&T shares dropped 41 cents to $22.93 in premarket trading.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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