Opinion ID: 2301005
Heading Depth: 2
Heading Rank: 7

Heading: BankAtlantic Sells The Tampa Branches And Deposits.

Text: Shortly after Bancorp terminated the whole-company sale process, PNC Bank contacted Bancorp about purchasing BankAtlantic's Tampa branches and deposits. Levan described his response: I was pretty frustrated and pretty disgusted. And I, in ain a moment of probably part stupidity, part ego, I said, Well, I'll sell it to you at 10 percent premium. And nobody had gotten a 10 percent premium in this country for deposits in four years, and our other two bids were 2 percent and 4 percent. Tr. 766. PNC accepted, and on January 28, 2011, Bancorp agreed to sell nineteen branches and $350 million in deposits to PNC. On a book value basis, BankAtlantic transferred approximately $35 million less in cash than the book value of the transferred deposits, generating the 10% premium.