BB&T Corp announced Tuesday it has risen to No. 6 in market share from No. 14 in Miami after acquiring Florida-based BankAtlantic.

The bank is a wholly owned subsidiary of BankAtlantic Bancorp. It contributes $3.3 billion in predominantly core, low-costs deposits to the company.


BB&T will acquire $2.1 billion in loans and assume about $3.3 billion in deposits for an estimated premium of $301 million above the net asset value of BankAtlantic at closing. The acquisition represents a 9 percent deposit premium based on Sept. 30 balances.


BB&T Chairman and CEO Kelly S. King said the move was a “strategic expansion into important long-term markets in Southeast Florida.”

The acquisition “comfortably exceeds our internal rate of retun objective,” he said. The deal excludes certain assets to reduce risk.

The bank has 78 branches between Port S. Lucie and Miami.


BB&T said its market share in the Miami metropolitan statistical area goes from No. 14 to No.6.


Ahead of the market open, BB&T was trading at $23.34 per share. BankAtlantic Corp. Shares were at $2.37.