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PNC appears to be willing to pay up to expand on Florida's west coast, entering into a deal to buy 19 branches and $350 million of deposits from BankAtlantic at a 10% premium.
January 31 -
Right or wrong, rumors of a Florida expansion by PNC touched a nerve with investors who are eager for straggling banks like Regions and BankAtlantic to get back on course.
December 15
Though BankAtlantic in Fort Lauderdale, Fla., was well capitalized at yearend, the thrift may soon be required to boost its capital.
The thrift's parent, BankAtlantic Bancorp Inc., reported on Friday a fourth-quarter loss of $48.1 million, which was 8% narrower than a year earlier. But that was the company's 14th consecutive quarter in the red.
The $4.7 billion-asset company's loan-loss provision fell 51% from a year earlier, to $40.1 million. Nonperforming assets fell 6% from the third quarter but were up 35% from a year earlier, at $438.9 million.
Despite its prolonged losses, the company said the thrift is well capitalized. At Dec. 31, its leverage ratio was 6.22%, and its total risk-based capital was 11.9%. However, the company said that it could be required to achieve higher ratios. "The regulatory environment is challenging," the company said.
"Based upon our reported losses and level of nonperforming assets," it said, "we expect that we may be required to increase our capital ratios and may be subject to additional operating requirements and restrictions."
Net interest income fell 10% from a year earlier, to $35.8 million, as assets shrank and more loans moved to nonperforming status.
