UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 2011
BankAtlantic Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Florida | 001-13133 | 65-0507804 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
2100 West Cypress Creek Road, Ft. Lauderdale, Florida |
33309 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: 954-940-5000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events.
As previously disclosed, BankAtlantic, the federal savings bank subsidiary of BankAtlantic Bancorp, Inc. (the Company), entered into an agreement to sell its 19 branches (including the associated deposits) and 2 related facilities located in the Tampa St. Petersburg area to PNC Bank, N.A. (PNC). On April 18, 2011, the Company issued a press release announcing that the Office of Thrift Supervision (the OTS), the Companys and BankAtlantics primary regulator, has approved BankAtlantics sale of its Tampa St. Petersburg franchise to PNC. PNC previously received the approval of its primary regulator, the Office of the Comptroller of the Currency, with respect to the transaction. The transaction is anticipated to close during the first week of June 2011; however, consummation of the transaction remains subject to the terms and conditions of the acquisition agreement and regulatory requirements, and there is no assurance that the transaction will be consummated on the contemplated terms, when expected, or at all.
A copy of the Companys press release announcing the OTS approval of the transaction is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated April 18, 2011
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 18, 2011
BANKATLANTIC BANCORP, INC. | ||
By: | /s/ Valerie C. Toalson | |
Valerie C. Toalson | ||
Executive Vice President - Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 |
Press release dated April 18, 2011 |
Exhibit 99.1
BankAtlantic Receives Regulatory Approval for the Sale
Of its 19 Tampa Branches to PNC Bank
FORT LAUDERDALE, Florida April 18, 2011 BankAtlantic Bancorp, Inc. (NYSE: BBX), the parent company of BankAtlantic, today announced the Office of Thrift Supervision (the OTS), their primary regulator, has approved BankAtlantics sale of its Tampa St. Petersburg franchise to PNC Bank, N.A., part of the PNC Financial Services Group Inc. (NYSE: PNC).
As previously disclosed, BankAtlantic agreed to sell its 19 branches and 2 related facilities in the Tampa St. Petersburg area and the associated deposits to PNC. PNC previously received regulatory approval for its purchase of the Tampa St. Petersburg franchise. The transaction, which remains subject to the terms and conditions of the acquisition agreement and regulatory requirements, is anticipated to close during the first week of June 2011.
We are pleased to announce that both BankAtlantic and PNC have received the required regulatory approvals in support of this transaction, commented Alan B. Levan, BankAtlantic Bancorps Chairman and Chief Executive Officer. The sale of the Tampa locations will allow BankAtlantic to focus its efforts on its primary footprint, its 79 branches in Southeast Florida. Once completed, we anticipate recording a net gain on this transaction which, combined with the reduction in assets from the sale and based on current deposit levels and financial statements, is estimated to add over 130 basis points to our regulatory capital ratios.
The 19 affected branches will operate normally through completion of the transaction. Customer ATM cards, checks and accounts will function as usual. Customers of these branches need not take any action at this time. They will be contacted by PNC prior to the branch transfer.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic: BankAtlantic, Floridas Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. BankAtlantic was rated as having the Highest in Customer Satisfaction in Florida for Retail Banking based on the J.D. Power and Associates 2010 Retail Banking Satisfaction Study. Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.
BankAtlantic Bancorp Contact Info:
Leo Hinkley, Investor and Media Relations Officer
Telephone: (954) 940-5300
Email: InvestorRelations@BankAtlanticBancorp.com
BankAtlantic, Floridas Most Convenient Bank, Contact Info:
Media Relations:
Sharon Lyn, Vice President
Telephone: 954-940-6383, Fax: 954-940-5320
Email: CorpComm@BankAtlanticBancorp.com
# # #
Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), that involve substantial risks and uncertainties. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (the Company) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Companys control. These include, but are not limited to, that the sale of our Tampa branch operations will not be consummated pursuant to its terms, at the time anticipated or at all. Reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive. Further, BankAtlantic received the highest numerical score among retail banks in Florida in the proprietary J.D. Power and Associates 2010 Retail Banking Satisfaction StudySM. Study based on 47,673 total responses measuring 9 providers in Florida and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in January 2010. Your experiences may vary. Visit jdpower.com.
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