A proposed deal to sell the consumer business of BankAtlantic Bancorp (BBX) to BB&T (BBT) moved forward late Monday with the approval of the Office of the Comptroller of the Currency.
BankAtlantic said OCC approval is “conditioned upon required notifications and the absence of any material changes.”
The deal already has the approval of the North Carolina Office of the Commissioner of Banks, but still needs the blessing of the Federal Reserve and the Federal Deposit Insurance Corp.
The two banks altered the deal in March after debtholders won a judge’s decision to block an initial agreement. Under the modified sale, BB&T would also acquire the subject of the lawsuit — $285 million in BankAtlantic debt securities.
BB&T and BankAtlantic would also form a limited liability company to take on much of the nonperforming assets, including real estate, that would have stayed with BankAtlantic. About $175 million in nonperforming commercial real estate loans and REO will stay with BankAtlantic.
BankAtlantic said it still expects the deal to close by June 30. The company’s stock rose roughly 5% in midday trading Tuesday, while BB&T fell nearly 2%.
ascoggin@housingwire.com
