BankAtlantic Bancorp Inc. (BBX) agreed to sell 19 branches in the Tampa-St. Petersburg, Fla., area to PNC Financial Services Group Inc. (PNC) as it aims to focus on its South Florida business.
BankAtlantic, which has continued to rack up losses, last month saw its shares jump amid reports that it was a possible takeover target of PNC, though the Florida bank at the time said it would like to remain independent but that it wouldn't rule out a sale. The talk came amid speculations that a number of regional banks may be takeover targets as a wave of consolidation is expected in the sector.
A price tag for the deal, expected to close in June, wasn't disclosed. But the company said PNC has agreed to pay a premium for the approximately $350 million associated with the branches plus two related facilities, as well as the net book value of the acquired real estate and other assets linked to the locations.
BankAtlantic's main operations are its 79 branches in Southeast Florida. The company began seeking buyers for the Tampa-St. Petersburg operations in August.
Shares of BankAtlantic and PNC closed Friday at $1.02 and $60.11, respectively. Both were inactive premarket.
BankAtlantic shares fell 31% in the past year while PNC shares gained 8.4%
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