Washington, D.C. -
Regulator gave their nod of approval today for the sale of BankAtlantic to BB&T, in a deal that is expected to close immediately. BankAtlantic branches are expected to be re-branded BB&T in the fourth quarter.
BankAtlantic was among South Florida's largest banks and now will join BB&T, the nations 10th largest bank as calculated by assets.
Once the branches are converted to BB&T, it will become South Florida's sixth largest bank.
BankAtlantic Bancorp., the parent company of BankAtlantic will retain about 50 employees as it is converted to BBX Capital and focus on specialty finance ventures in mostly real estate according to Alan Levan. Branches that overlap existing BB&T branches will be consolidated, but the company said the majority will remain open and employees will largely continue as normal.
As for naming rights at various venues, that will be addressed once the two banks have completed their merger said BB&T company officials.