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BankAtlantic Bancorp Inc. (BBX) of Fort Lauderdale, Fla., said Thursday that it has canceled plans for a potential capital raise after reaching a new deal to sell its thrift to BB&T Corp. (BBT)
March 22 -
BB&T said Tuesday that it would pay off holders of BankAtlantic's trust-preferred securities and take an interest in additional assets to rescue the stalled deal.
March 13
BankAtlantic Bancorp (BBX) said in a regulatory filing that it will change its name to BBX Capital as part of its deal to sell its thrift to BB&T (BBT) in Winston-Salem, N.C.
After the deal closes, BankAtlantic
Under terms of the thrift sale, BB&T would acquire roughly $2.1 billion of loans and about $3.3 billion of deposits, based on balances at Sept. 30.
The $164.8 billion-asset BB&T also has agreed to
The $3.7 billion-asset BankAtlantic of Fort Lauderdale, Fla., said in a regulatory filing Monday that BB&T will retain its interest in the entity until it has recovered $285 million in preference amount, with an interest rate of LIBOR plus 200 basis points. At that time, BB&T's interest in the unit will end.
BankAtlantic also will retain about $175 million in commercial real estate nonaccrual loans and real estate owned.