Pittsburgh based PNC Bank has struck a deal with BankAtlantic Bancorp, Inc. to purchase BankAtlantic’s Tampa – St. Petersburg franchise. That includes 19 branches, two other facilities and the associated deposits of approximately $350 million. BankAtlantic put the properties on the block in 2010 as it looked concentrate its efforts in South Florida.
BankAtlantic says PNC has agreed to pay a premium for the deposits assumed in the transaction plus the net book value of the acquired real estate and fixed assets associated with the branches and facilities.
The deal is expected to be finalized some time in June. It must first get regulatory approval.