BB&T’s (BBT) deal to buy BankAtlantic Bancorp’s (BBX) thrift for up to $316 million has received the green light from the Office of the Comptroller of the Currency, one of three federal regulators that must approve the sale.
The deal, which was first announced in October and then restructured in March, must also get the go ahead from the Federal Reserve Board and the Federal Deposit Insurance Corp. The North Carolina Office of the Commissioner of Banks has already approved the deal.
Alan B. Levan, the chairman and chief executive at the Fort Lauderdale, Fla.-based BankAtlantic said in a news release that the sale is expected to close this quarter.
The $164.8 billion-asset BB&T has agreed to acquire roughly $2.1 billion of BankAtlantic Bank's loans and about $3.3 billion of deposits based on Sept. 30 balances. It will pay a premium equal to 9% of total deposits.
The Winston-Salem, N.C., company also would assume BankAtlantic’s obligations to holders of about $285 million of trust-preferred securities. A judge had blocked the initial deal between the two companies on grounds that it was unfair to those bond holders of BankAtlantic.
BB&T would also receive a 95% preferred interest in a newly established entity that will hold a $423 million pool of loans and $17 million of other assets.