BB&T Completes Deal for BankAtlantic, Will Convert Branches in 4Q

BB&T (BBT) in Winston-Salem, N.C., said Tuesday that it has completed its acquisition of BankAtlantic in Fort Lauderdale, Fla., after it received final approvals from the Federal Reserve Board and the Federal Deposit Insurance Corp.

With the $316 million purchase, BB&T is gaining nearly 80 branches and $3 billion of deposits in five South Florida counties. It said it expects the integration and rebranding of BankAtlantic's branches to be completed sometime in the fourth quarter.

The deal was first announced in November and was amended in March after BankAtlantic investors objected to the terms. Under the revised terms, BB&T agreed to assume roughly $285 million BankAtlantic's obligations to investors holding roughly $285 million of its trust-preferred securities.

The South Florida Business Journal reported Tuesday that the $179 billion-asset BB&T has offered jobs to 650 of BankAtlantic's roughly 900 employees. According to a BB&T's market president for the region, most retail employees have been offered jobs but that certain back-office workers were not because their positions were duplicative.