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
Merck & Co Inc. (MRK) reported a second-quarter profit that climbed 75 percent from last year, while quarter sales rose 1 percent. The prior year result included foreign exchange losses of $715 million related to the devaluation of the company's net monetary assets in Venezuela. The company raised the bottom end of its full-year 2016 non-GAAP earnings per share outlook. Xerox (XRX) reported second-quarter adjusted EPS of $0.30, a 7 cent increase over the same period last year driven by a lower tax rate, fewer shares, and higher operating profits. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.25 for the quarter.... Shares of International Consolidated Airlines Group S.A. were gaining around 3 percent in London trading after the airline reported Friday higher profit in its second quarter, benefited by higher passenger revenues, despite weak cargo revenues. The company now expects low double digit percentage growth in pre-exceptional operating profit in 2016.
comments powered by Disqus
Follow RTT