BankAtlantic Bancorp (BBX)

[mlkrborn]

Finally throwing the towel, selling itself $1.00 presplit!
BB&T Corp to acquire BankAtlantic, the wholly-owned subsidiary of BankAtlantic Bancorp (BBX); expects the transaction to be accretive to EPS in 2012 (BBT) 23.34 : Co announced the signing of a definitive agreement to acquire Fort Lauderdale based BankAtlantic, the wholly-owned subsidiary of BankAtlantic Bancorp (BBX). Under the terms of the agreement, BB&T will acquire ~$2.1 bln in loans and assume ~$3.3 bln in deposits for an estimated premium of $301 mln above the net asset value of BankAtlantic at closing. This represents a 9% deposit premium based on Sept. 30 balances. The acquisition excludes all of BankAtlantic's non-performing and other criticized assets identified at Sept. 30. No BankAtlantic Bancorp obligations are being assumed in the transaction. Nearly 90% of BankAtlantic's deposits are core, low-cost funds. The premium paid by BB&T is subject to adjustment based on actual deposit balances at close, but in no event will it exceed $316 mln. BBT expects the transaction to be accretive to earnings per share in 2012, excluding one-time merger costs, and to comfortably exceed BB&T's internal rate of return target. Deal ddds 78 branches to BB&T's community bank network. Agreement excludes non-performing and other criticized assets Transaction is accretive to earnings per share.