BankAtlantic Bancorp (BBX) said in a regulatory filing that it will change its name to BBX Capital as part of its deal to sell its thrift to BB&T (BBT) in Winston-Salem, N.C.
After the deal closes, BankAtlantic will operate as an asset management company and will transition into specialty finance.
Under terms of the thrift sale, BB&T would acquire roughly $2.1 billion of loans and about $3.3 billion of deposits, based on balances at Sept. 30.
The $164.8 billion-asset BB&T also has agreed to assume BankAtlantic's obligations to holders of about $285 million of trust preferred securities. It will receive a 95% preferred interest in a newly established entity that will hold a $424 million pool of loans and $17 million of other assets.
The $3.7 billion-asset BankAtlantic of Fort Lauderdale, Fla., said in a regulatory filing Monday that BB&T will retain its interest in the entity until it has recovered $285 million in preference amount, with an interest rate of LIBOR plus 200 basis points. At that time, BB&T's interest in the unit will end.
BankAtlantic also will retain about $175 million in commercial real estate nonaccrual loans and real estate owned.