BankAtlantic's former parent is officially no longer regulated as a financial holding company.
The Federal Reserve Board released BFC Financial and affiliate BBX Capital from being registered as a thrift holding company.
BBX Capital was formerly BankAtlantic Bancorp before it sold its thrift unit to BB&T in July. BFC, which has majority interest in BBX Capital, was also regulated as a thrift holding company. Both companies planned to deregister after the sale of BankAtlantic. The Fed approved the request, effective Aug. 31.
BFC Financial retains a controlling interest in a timeshare company and a 53% stake in BBX Capital.
BFC Financial said it expects to record a $163 million gain in the third quarter from selling BankAtlantic. BBX Capital also estimated a $307 million gain from the sale for the same quarter. BBX Capital is managing the leftover assets from BankAltantic that were not sold to BB&T.
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