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

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4/9/2012 5:14 PM ET

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."

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by RTT Staff Writer

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