FORT LAUDERDALE, Fla., April 9, 2012 (GLOBE NEWSWIRE) -- BankAtlantic Bancorp, Inc. (NYSE:BBX) ("BankAtlantic Bancorp" or the "Company") today announced that BankAtlantic, the Company's wholly-owned bank subsidiary, has received approvals from the Office of the Comptroller of the Currency ("OCC") necessary to consummate its previously announced Agreement with BB&T Corporation (NYSE: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 are obviously pleased with the OCC's approval as another step in the process toward consummation of the transaction. 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."
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Florida's Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. 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.
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This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. The forward looking statements in this press release are also 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"), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include the impact of economic, competitive and other factors affecting BankAtlantic Bancorp and its operations, markets, products and services, as well as others including, but not limited to, the following: that the transaction between BB&T and BankAtlantic Bancorp may not be completed in the time frame indicated, on anticipated terms, or at all; that BankAtlantic Bancorp's and/or BankAtlantic's business or net asset values may be negatively affected by the pendency of the proposed transaction or otherwise; that regulatory approvals may not be received; that the transaction may not be as advantageous to BankAtlantic Bancorp as expected; that BankAtlantic Bancorp's shareholders may not realize the anticipated benefits; and that BankAtlantic Bancorp's future business plans may not be fully realized as anticipated, if at all. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by BankAtlantic Bancorp with the Securities and Exchange Commission, including BankAtlantic Bancorp's Annual Report on Form 10-K for the year ended December 31, 2011. BankAtlantic Bancorp cautions that the foregoing factors are not exclusive.
1 Reference is made to BankAtlantic Bancorp's Form 8-K filed March 16, 2012 for additional information regarding the transaction.