BankAtlantic Rises 5%; To Sell Tampa-St. Petersburg Franchis
BankAtlantic (BBX) is up after it says it will sell its Tampa '" St. Petersburg franchise to PNC Bank, N.A., part of The PNC Financial Services Group Inc. (PNC). BBX will sell its 19 branches and 2 related facilities in the Tampa '" St. Petersburg area and the associated deposits (approximately $350 million) to PNC. PNC will 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. The transaction is anticipated to close in June.
Credit: Financial News Network
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