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BankAtlantic was a US
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
that operated in the state of Florida until it was acquired in 2012 by
BB&T Corporation 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 (Branch Banking and Trust Company) and SunTrust Banks. Its b ...
. It provided consumer and
business banking A commercial bank is a financial institution which accepts deposit (finance), deposits from the public and gives loans for the purposes of consumption and investment to make profit (economics), profit. It can also refer to a bank, or a division ...
services to communities throughout Florida. It was founded in 1952 and had 78 branch locations in Broward,
Martin Martin may refer to: Places * Martin City (disambiguation) * Martin County (disambiguation) * Martin Township (disambiguation) Antarctica * Martin Peninsula, Marie Byrd Land * Port Martin, Adelie Land * Point Martin, South Orkney Islands Austral ...
,
Miami-Dade Miami-Dade County is a county located in the southeastern part of the U.S. state of Florida. The county had a population of 2,701,767 as of the 2020 census, making it the most populous county in Florida and the seventh-most populous county in ...
, Palm Beach, and St. Lucie counties. It was a member of the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...
. Prior to its acquisition, in June 2011, BankAtlantic had assets of $3.86 billion with liabilities of $3.84 billion. 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

* 1952: BankAtlantic founded in Fort Lauderdale as Atlantic Federal Savings and Loan Association. * 1980s: The bank sued ABC News for a report of complex real estate deals used by Alan B. Levan to keep the bank afloat. The bank lost the action when the US Supreme Court refused to hear the case. * 1988: Atlantic Federal Savings and Loan renamed BankAtlantic. * 1994: The BankAtlantic Foundation was created. * 1999: Jarett S. Levan is appointed to the Board of Directors. * 2001: BankAtlantic Bancorp acquires Community Savings Bankshares, Inc. * 2005: BankAtlantic signs a ten-year, $20 million deal for the naming rights to the
BankAtlantic Center FLA Live Arena (previously known as the National Car Rental Center, Office Depot Center, BankAtlantic Center, and BB&T Center) is an list of indoor arenas, indoor arena located next to Sawgrass Mills in Sunrise, Florida. It is the home venue for ...
, a multi-purpose arena that is home to the
Florida Panthers The Florida Panthers are a professional ice hockey team based in the Miami metropolitan area. They compete in the National Hockey League (NHL) as a member of the Atlantic Division (NHL), Atlantic Division in the Eastern Conference (NHL), Eastern ...
* 2006 BankAtlantic paid a $10 million penalty as a result of an investigation of drug traffickers in Florida. Their report noted, "more than $50 million in suspicious transactions were conducted through certain accounts at BankAtlantic." * 2007: Share prices of the corporation collapses from $46.35 in the first week of October to $16 in the first week of November. *2007 To meet financial difficulties, the bank sold Ryan Beck Holdings Incorporated for about $96 million, laid off over 220 workers, and cut down on its marketing budget. * 2007: BankAtlantic opens 100th location. * 2007: Jarett S. Levan becomes chief executive officer, taking the title from his father. * 2008: In July, the bank was included on a report entitled "Who is Next?" written by analyst Richard X. Bove. The report listed 107 banking firms in order of their perceived riskiness to investors. The bank, whose stock was then near $100 a share sued for defamation, In June 2010, the bank lost the case, but managed to cost Mr. Bove almost $800,000 in legal fees. By September, 2010, the corporation's share price was about a dollar. *2010 On March 23,
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
reported BankAtlantic was one of a number of US banks implicated in dealings with Mexican drug traffickers. The report said that BankAtlantic entered into a deal with the Justice Department to settle the matter. *2010: Recipient for “Highest Customer Satisfaction with Retail Banking in Florida,” JD Power and Associates 2010 Retail Banking Satisfaction Study. *2011: BankAtlantic's
Tampa Bay Area The Tampa Bay area is a major populated area surrounding Tampa Bay on the west coast of Florida in the United States. It includes the main cities of Tampa, St. Petersburg, and Clearwater. It is the 18th largest metropolitan area in the United St ...
branches sold to
PNC Financial Services The PNC Financial Services Group, Inc. (stylized as PNC) is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 U.S. state, states and the D ...
, with BankAtlantic focusing on the South Florida market. *2011: BankAtlantic put itself up for sale and announced it would be acquired by
BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...
. The deal later collapsed. *2012: SEC files a civil lawsuit against BankAtlantic and Chairman and CEO Alan B. Levan over allegations that they misled investors about the loan problems at the bank *2012: BankAtlantic-BB&T deal blocked by Delaware judge citing the "deal violated rights of investors" *2012: After renegotiation, BB&T acquires BankAtlantic.


References


External links

* {{DEFAULTSORT:Bankatlantic Companies formerly listed on the New York Stock Exchange Companies based in Fort Lauderdale, Florida Banks based in Florida Defunct banks of the United States Banks established in 1952 Banks disestablished in 2012 1952 establishments in Florida 2012 disestablishments in Florida 2012 mergers and acquisitions