logo
Share SHARE
FONT-SIZE Plus   Neg

BankAtlantic Gets OCC Approval Related To Sale Of BankAtlantic To BB&T

BankAtlantic Bancorp Inc. (BBX: Quote) announced that BankAtlantic, the Company's wholly-owned bank subsidiary, has received approvals from the Office of the Comptroller of the Currency or "OCC" necessary to consummate its previously announced Agreement with BB&T Corp. (BBT: Quote) to sell BankAtlantic.

The OCC approval is conditioned upon required notifications and the absence of any material changes.

BankAtlantic Bancorp must also receive approval from the Federal Reserve, which is pending. BB&T must receive approval from the Federal Reserve and FDIC, each of which is pending, but has previously received the necessary approval of the North Carolina Office of the Commissioner of Banks.

BankAtlantic Bancorp's Chairman and Chief Executive Officer, Alan B. Levan, commented, "We continue to anticipate that closing will occur in the second quarter of 2012, subject to the timely receipt of remaining required regulatory approvals and the satisfaction of other closing conditions."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Gas explosion in Fresno in California injured 11 people on Friday afternoon. Pacific Gas and Electric Co. (PG&E) said workers who are not affiliated with the company have struck a 12-inch natural gas transmission pipeline and the gas leaked was ignited due to the dig-in. Verizon Communications' FiOS TV service has modified its programming bundles and will now offer new packages so that users can subscribe only for channels they prefer to watch. Instagram, the photo sharing app owned by Facebook, has updated its community guidelines to disallow nudity and harassment in uploaded photos and pictures, as well as cyber bullying.
comments powered by Disqus
Follow RTT