BankAtlantic to Sell 19 Tampa Branches to PNC Bank for $350M

BankAtlantic Bancorp, Inc. BBX, the parent company of BankAtlantic, today announced BankAtlantic has entered into an agreement for the sale of its Tampa – St. Petersburg franchise to PNC Bank, N.A., part of The PNC Financial Services Group Inc. PNC. BankAtlantic had previously announced on August 4, 2010 that it intended to concentrate its efforts in South Florida, its core market, and was beginning to seek buyers for its Tampa operations. Under the agreement, BankAtlantic has agreed to sell its 19 branches and 2 related facilities in the Tampa – St. Petersburg area and the associated deposits (approximately $350 million), to PNC. PNC has agreed to pay a premium for the deposits assumed by PNC in the transaction plus the net book value of the acquired real estate and fixed assets associated with the branches and facilities.