BankAtlantic Bancorp Inc. said Monday that PNC Financial Services Group Inc. has agreed to buy 19 of its Florida branches and $350 million in associated deposits.

PNC, of Pittsburgh, will pay a premium for the deposits plus the net book value of the acquired real estate and fixed assets, BankAtlantic said.

The Ft. Lauderdale, Fla., banking company had announced in August that it planned to focus on business in its "primary market" of South Florida and was seeking buyers for its Tampa Bay area operations.

PNC was among a handful of banks that analysts speculated were in a position to acquire the 19 branches.

PNC also agreed to buy two related facilities in the Tampa area, BankAtlantic said. The deal is expected to close in June, pending regulatory approval and other conditions.


The Florida Deal that (Probably) Isn't Exposes Bank Investors' Mo

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access