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BB&T Acquires Florida Bank for $5.4 Billion

Winston-Salem based BB&T is acquiring part of Florida’s BankAtlantic.

The bank will pay $300 million in exchange for nearly $5.5 billion in loans and deposits. The North Carolina company will not take on any loans at risk of default or bad assets in the merger. BB&T CFO Darryl Bible says the acquisition is ultimately safe.

Darryl Bible: "They separated the good bank form the bad bank. BB&T is acquiring all the good assets from BankAtlantic, about 2.1 billion dollars. BankAtlantic is basically retaining all the non performing assets."

BB&T also gets 78 bank branches in Southeast Florida. Bible says BB&T's hopes to integrate Bank Atlantic in early 2012.

Jeff Tiberii is the co-host of WUNC's "Due South." Jeff joined WUNC in 2011. During his 20 years in public radio, he was Morning Edition Host at WFDD and WUNC’s Greensboro Bureau Chief and later, the Capitol Bureau Chief. Jeff has covered state and federal politics, produced the radio documentary “Right Turn,” launched a podcast, and was named North Carolina Radio Reporter of the Year four times.
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