logo
Share SHARE
FONT-SIZE Plus   Neg

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

BankAtlantic Bancorp Inc. (BBX) 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) 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
Everyone knows that the Federal Reserve will raise interest rates next Wednesday at the conclusion of its two-day policy meeting. After all, Fed speakers have been jawboning a rate hike over the past few weeks. With the markets reacting with eerie calm to Donald Trump's win, policy makers have no... GOP strategist Karl Rove has criticized U.S. President-elect Donald Trump's comments on aircraft maker Boeing Co.'s contract for a new Air Force One plane, saying they were inaccurate and de-stabled the stock of a major company. Air Force One is the official air plane for the U.S. President. Elon Musk's space transport company SpaceX has lost a satellite launch order from one of its customers due to the delay in its rocket launch schedule after one of its rockets exploded in September.
comments powered by Disqus
Follow RTT