BB&T Changes Acquisition Agreement with BankAtlantic

A change in an acquisition agreement in the business world this morning. BB&T Corporation announced in a press release an amendment to its November 1, 2011 agreement to acquire BankAtlantic. The core provisions of the original agreement will stay the same with BB&T acquiring approximately $2.1 billion in loaned and $3.3 billion in deposits. BB&T will pay an estimated $301 million above the net asset value of BankAtlantic. Under the terms of the modified agreement, BB&T will assume BankAtlantic Bancorp’s obligations with respect to roughly $285 million of outstanding trust preferred securities. As a result, the companies have agreed to form a new limited liability company, which will receive about $424 million of loans and $17 million of real estate owned and other assets previously held by BankAtlantic.The companies expect the deal to close in the second quarter, subject to regulatory approvals.

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