BankAtlantic Bancorp Inc. agreed to sell Tampa Bay area branches of BankAtlantic to PNC Financial Services Group Inc.
Under terms of the agreement, PNC, which operates PNC Bank, would buy 19 branch offices and the $350 million in deposits associated with them, a press statement said. PNC also is buying two related facilities in the Tampa area from BankAtlantic.
PNC agreed to pay a premium for the deposits plus the net book value of the acquired real estate and fixed assets associated with the branches and facilities. BankAtlantic said in the press statement that it would include more details of the transaction in a filing with the Securities and Exchange Commisison.
BankAtlantic (NYSE: BBX) said in August that it intended to sell its Tampa locations to concentrate on its South Florida market, and there’s been speculation for several weeks that PNC would be the buyer.
PNC (NYSE: PNC), is headquartered in Pittsburgh with $264 billion in assets. It does not currently have any bank branches in the Tampa Bay area.
The deal is expected to close in June, provided regulators approve the transaction. BankAtlantic said it would continue to operate the branches normally until then and customers would be contacted by PNC prior to the branch transfer.