BB&T (NYSE:BBT) is accelerating its expansion in Southeast Florida through the acquisition of a BankAtlantic Bancorp (NYSE:BBX) subsidiary with $3.3 billion in deposits, the companies said Tuesday.
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The Winston-Salem, N.C.-based bank will pay an estimated $301 million for BankAtlantic, the banking unit of the parent company.
The deal, which includes $2.1 billion in loans and 78 branches, allows BB&T to expand in the Miami and Port. St. Lucie markets.
"The acquisition of BankAtlantic is accretive to earnings per share and comfortably exceeds our internal rate of return objective," BB&T chief executive Kelly King said in a statement
The acquisition, which has been approved by the boards of directors of both companies, excludes all of BankAtlantic’s non-performing and other criticized assets.
The deal is subject to regulatory approvals.