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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 -
BB&T shouldered more risk when it agreed to make its already complex deal for BankAtlantic more complicated. But the risk is manageable -- and worth it, experts say.
March 13 -
The Florida company is looking at bringing in capital in case the sale of its thrift fails to go through by early April.
February 17
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)
In February, a Delaware court
Then earlier this month BB&T and BankAtlantic
BB&T would also acquire roughly $2.1 billion of loans and about $3.3 billion of deposits based on Sept. 30 balances. It will pay a premium equal to 9% of total deposits at Sept. 30.
After the deal closes, BankAtlantic plans to operate as an asset management company in the near term and transition into specialty finance, Alan Levan, BankAtlantic's chairman and chief executive, said Thursday in a news release.
BankAtlantic had announced in February before the first deal fell through that it could possibly
BankAtlantic also reported on Thursday that in the fourth quarter it lost $17.5 million, compared with a loss of $46.3 million a year earlier. For 2011, the company lost $28.7 million, compared with $143.3 million a year earlier.