PNC to buy Florida banks

| Monday, Jan. 31, 2011

PNC Bank has agreed to buy 19 bank branches and two related facilities in Tampa-St. Petersburg, Fla., from BankAtlantic, its parent company announced this morning.

BankAtlantic Bancorp Inc., based in Fort Lauderdale, Fla., said it has entered into a sales agreement with Pittsburgh-based PNC, part of The PNC Financial Services Group Inc.

PNC will acquire the branches and approximately $350 million in associated deposits, BankAtlantic said. No purchase price was released. The transaction is expected to close in June, pending regulatory approvals and other terms and conditions. BankAtlantic Bancorp's Form 8K is being filed today with the Securities and Exchange Commission.

BankAtlantic announced plans in August to focus its efforts in South Florida and was seeking buyers for its Tampa operations, the company said.

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