Tuesday, July 31, 2012

BB&T gets go-ahead to buy BankAtlantic, deal to close today

After months of legal wrangling, BB&T said Tuesday it has gotten the go-ahead from regulators to purchase Florida-based BankAtlantic in a $300 million deal set to close today.

The deal to take on 78 branches, $2.1 billion in loans and $3.3 billion in deposits was originally announced in November, but a Delaware court blocked it four months later saying the terms of the deal left behind too many distressed assets. The Winston-Salem bank tweaked its bid in March.

BankAtlantic's branches are expected to rebrand as BB&T in the fourth quarter.