FORT LAUDERDALE, Fla. -- BankAtlantic said it signed an agreement to acquire Mega Bank of Miami for $20 million in cash.
Mega Bank has five offices and assets of $160 million. The $1.4 billion-asset BankAtlantic earned $16.1 million last year, and Mega Bank earned $1.8 million.
Mega Bank's five offices will increase BankAtlantic's presence in Dade County to seven offices, and its total branch network to 36. BankAtlantic had previously revealed its intention to increase its branches in Dade County to complement its 19 offices in Broward County and 10 in Palm Beach County.
The briefs were compiled from staff and wire reports.