PNC have RF in mind and BX as back up strategy it seems!
BankAtlantic shares down on takeover talk
South Florida Business Journal
Date: Monday, December 20, 2010, 10:03am EST
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Banking & Financial Services
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Shares of BankAtlantic Bancorp were off in early trading on Monday after talk of a possible takeover sent shares soaring last week.
Shares were down 20 cents, or 12.66 percent, to $1.38.
Shares had been trading below 90 cents early last week, but rose to more than $1.50 after the South Florida Business Journal reported Tuesday that Pittsburgh-based PNC Financial Services Group (NYSE: PNC) was considering a deal with BankAtlantic. PNC also was reportedly in due diligence for Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF).
BankAtlantic's 52-week high was $3.28 on April 26 and its 52-week low was 60 cents on Nov. 22.
An article on the Motley Fool investment website has raised the question of whether BankAtlantic is a backup strategy for PNC if a deal with Regions doesn't happen.
Regions shares were up 7 cents, or 1.12 percent, to $6.31 in early Monday trading. Shares of PNC were up 50 cents, or 0.85 percent, to $59.
BankAtlantic has suffered 13 straight quarters of losses and wants to raise up to $125 million, but lost a shareholder class action securities trial in November. The company plans to appeal.
The $4.5 billion-asset bank is looking to sell its 19 Tampa Bay area branches, which have $37.2 million in assets and $339.4 million in deposits.
The South Florida Sun-Sentinel reported Friday that BankAtlantic had laid off 75 employees, or 6 percent of its workforce.
Read more: BankAtlantic shares down on takeover talk | South Florida Business Journal
