BankAtlantic

Last updated
BankAtlantic Bancorp, Inc
TypePublic
Industry Finance and Insurance
Founded Fort Lauderdale, FL (1952)
Defunct2012
FateAcquired by BB&T
Headquarters Fort Lauderdale, Florida
Key people
Jarett Levan (CEO)
Alan Levan, Chairman
Products Banking
Number of employees
approx 1,040
Website www.bankatlantic.com
BankAtlantic's branch footprint in southern Florida as of June 2011. BankAtlantic footprint 2011-06.png
BankAtlantic's branch footprint in southern Florida as of June 2011.

BankAtlantic was a US bank that operated in the state of Florida until it was acquired in 2012 by BB&T Corporation. It provided consumer and business banking services to communities throughout Florida.

Contents

It was founded in 1952 and had 78 branch locations in Broward, Martin, Miami-Dade, Palm Beach, and St. Lucie counties. [1] [2] It was a member of the Federal Deposit Insurance Corporation.

Prior to its acquisition, in June 2011, BankAtlantic had assets of $3.86 billion with liabilities of $3.84 billion. [3] The company's lending portfolio comprised commercial real estate loans, commercial business loans, standby letters of credit and commitments, consumer loans, small business loans, and residential loans.

History

Related Research Articles

Washington Mutual was the United States' largest savings and loan association until its collapse in 2008.

Washington Federal, Inc. is a bank based in Seattle, Washington, in the United States. It is the primary subsidiary of Washington Federal, Inc., a bank holding company. It operates 235 branches in eight western states. WaFd Bank is one of the largest banking institutions in the United States

East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations in the U.S. and China, including in the markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West Bank's presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. Forbes magazine has recognized East West Bank as one of “America’s Best Banks” since 2010. In 2018, Forbes ranked East West Bank number five of "America's 100 Biggest Banks."

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Citizens Financial Group</span> Eastern U.S. bank

Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Vermont, Virginia, and Washington, DC.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Southern Virginia. M&T is ranked 519th on the Fortune 500 list based on 2021 revenues. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of June 2021, it is the 10th largest bank with $509 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world with $2.27 billion in annual revenue.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

<span class="mw-page-title-main">Citizens Republic Bancorp</span> American bank

Citizens Republic Bancorp was an American bank headquartered in Flint, Michigan that merged with FirstMerit Bank in 2013. Citizens Republic Bancorp operated in the states of Michigan, Ohio, Indiana, and Wisconsin. On September 13, 2012, it completed a merger agreement with FirstMerit Bank of Akron, Ohio. As of April 13, 2013, it became a subsidiary of the FirstMerit Corporation. The merger finalized on June 13, 2013. FirstMerit merged with Huntington Bancshares in 2016.

<span class="mw-page-title-main">MUFG Union Bank</span> American full-service banking group

Union Bank is a nationally licensed full service bank with 398 branches in California, Washington and Oregon that was wholly owned by MUFG Americas Holdings and was acquired by U.S. Bancorp. Headquartered in New York City, it has commercial branches in Dallas, Houston, New York and Chicago, in addition to two international offices.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB) is a bank headquartered in Westbury, New York with 225 branches in New York, New Jersey, Ohio, Florida and Arizona. NYCB is on the list of largest banks in the United States.

<span class="mw-page-title-main">Huntington Bancshares</span> Bank holding company headquartered in Columbus, Ohio

Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 521st on the Fortune 500, and is 26th on the list of largest banks in the United States.

First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with assets of over $37.1 billion as of June 30, 2013. Their slogan is "Do Great Things"

<span class="mw-page-title-main">People's United Financial</span> American banking company

People's United Financial, Inc. was an American bank holding company that owned People's United Bank. The bank operated 403 branches in Connecticut, southeastern New York State, Massachusetts, Vermont, Maine, and New Hampshire. It was the second-largest full-service bank in New England, one of the largest in the northeast, and the 46th-largest in the United States.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

<span class="mw-page-title-main">Cadence Bank</span> Regional Bank

Cadence Bank is a commercial bank with dual headquarters in Tupelo, Mississippi and Houston, Texas with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Illinois. In 1876, Raymond Trice and Company received a charter to create a bank in its hardware store in Verona, Mississippi. In 1886, the banking operation was moved to Tupelo, Mississippi and the company was renamed to Bank of Lee County, Mississippi. Soon after, it was renamed to the Bank of Tupelo. The bank was renamed to Bank of Mississippi in 1966. In 1997, the bank changed its name to BancorpSouth. In October 2021, the bank changed its name to Cadence Bank. It has the naming rights to Cadence Bank Amphitheatre in Atlanta and Cadence Bank Arena in Tupelo.

The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis. The deal received much controversy due to PNC using TARP funds to buy National City only hours after accepting the funds while National City itself was denied funds, as well as civic pride for the city of Cleveland, Ohio, where National City was based.

<span class="mw-page-title-main">Alabama National BanCorporation</span>

Alabama National BanCorporation based in Birmingham, Alabama, was a bank holding company which was purchased by RBC Bank in 2008 for $1.6 billion. Prior to the RBC deal, the bank was the third largest banking company in Alabama with over $7 billion assets.

References

  1. "BankAtlantic: Corporate Overview". BankAtlantic. Archived from the original on 2009-07-06. Retrieved 2009-06-23.
  2. "PNC to buy Florida banks". Pittsburgh Tribune-Review. 31 January 2011. Retrieved 2 September 2012.
  3. "BankAtlantic Bancorp, Inc. and Subsidiaries Summary of Selected Financial Data" (PDF). BankAtlantic Bancorp Inc. July 27, 2011. Retrieved August 7, 2011.
  4. 1 2 Martin, Andrews; Story, Louise (September 11, 2010). "The Loneliest Analyst". The New York Times. New York City. Archived from the original on January 19, 2012. Retrieved September 13, 2010.
  5. "Jarett S. Levan Profile". Forbes.com. Archived from the original on 15 September 2010. Retrieved September 18, 2010.
  6. Drug Problem, by Nathan Vardi, Forbes.com blog, https://www.forbes.com/forbes/2007/0702/046.html
  7. "BankAtlantic Bancorp Inc. New Stock Chart". Yahoo! Finance. November 12, 2007. Retrieved September 13, 2010.
  8. 1 2 "BankAtlantic News and Photos". SunSentinel.com. Retrieved September 18, 2010.
  9. "BankAtlantic Bancorp Inc. New Stock Chart". Yahoo! Finance. September 13, 2010. Retrieved September 13, 2010.
  10. Vardi, Nathan (March 23, 2010). "America's Banks And Mexico's Drug Problem". Forbes.com. Archived from the original on 23 September 2010. Retrieved September 18, 2010.
  11. "BankAtlantic Bancorp Signs Definitive Agreement To Sell BankAtlantic to BB&T Corporation". 1 November 2011. Retrieved 2 September 2012.
  12. "Securities and Exchange Commission, Plaintiff, v. BankAtlantic Bancorp, INC. and Alan B. Levan" (PDF). United States District Court Southern District of Florida. Jan 18, 2012.
  13. "BB&T-BankAtlantic deal blocked by Delaware judge". Reuters. Feb 28, 2012.
  14. "BB&T completes purchase of BankAtlantic" . Retrieved 2 September 2012.