Hogan Lovells Advises BankAtlantic Bancorp, Inc. on Sale of BankAtlantic to BB&T Corp.
04 November 2011
WASHINGTON, D.C, 4 November 2011 – Hogan Lovells announced today that it advised BankAtlantic Bancorp, Inc. on its definitive agreement to sell its wholly owned subsidiary, BankAtlantic, to BB&T Corporation. BankAtlantic Bancorp announced the deal singing on 1 November 2011.
In acquiring BankAtlantic, one of the largest financial institutions headquartered in Florida, BB&T will acquire approximately $2.1 billion in loans and assume approximately $3.3 billion in deposits. As part of this unique transaction, BB&T will acquire BankAtlantic's deposit franchise and loans, minus the criticized assets, including certain performing and non-performing loans and tax certificates, real estate owned and related reserves, which will be retained by BankAtlantic Bancorp. Following the closing, BankAtlantic Bancorp will provide specialty finance, including for commercial real estate loans as a non-bank lender.
The Hogan Lovells team advising Bancorp includes partners Stuart Stein (Washington and New York), Daniel Keating (Washington), Daniel Meade (Washington), and Scott McClure (Washington), with associates Jason McCaffrey (Washington) and Tammy Maloney (Washington).