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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
BankAtlantic Bancorp Inc. reported a smaller net loss in the fourth quarter as its loan-loss provision and net chargeoffs shrank from a year earlier.
The Fort Lauderdale, Fla., company said on Friday that its net loss from continuing operations fell 8.4% from a year earlier, to $48.1 million, or 77 cents a share.
BankAtlantic's provision fell 51.4% from a year earlier, to $40.1 million, while net chargeoffs declined 23%, to $57.7 million.
"Let me make it clear — we do not believe we are out of the woods yet," Alan Levan, BankAtlantic's chairman and chief executive said in a press release.
"However, we are optimistic that 2011 will be a building year and that in 2012, we will enjoy the benefits of a rebounding economy and an infrastructure prepared to take advantage of a return to normalcy," he added.
