BankAtlantic

BankAtlantic

Company type	Public
Industry	Banking
Predecessor	Atlantic Federal Savings and Loan Association of Fort Lauderdale
Founded	1952
Defunct	2012
Fate	Acquired by BB&T Corporation
Headquarters	Fort Lauderdale , United States
Area served	Broward, Martin, Miami-Dade, Palm Beach, St. Lucie counties, Florida
Key people	Jarett S. Levan (CEO)
Products	Consumer and business banking solutions including commercial real estate financing, commercial business lending, standby letters of credit, consumer credit, small business loans, residential mortgages
Number of employees	Over 220 (reduction in 2007)

BankAtlantic operated as a Florida-based American bank until its 2012 purchase by BB&T Corporation. It provided a range of consumer and business banking solutions throughout several counties in Florida.

Established in 1952, BankAtlantic maintained a network of 78 branches spanning Broward, Martin, Miami-Dade, Palm Beach, and St. Lucie counties. The institution was insured by the Federal Deposit Insurance Corporation.

As of June 2011, the bank’s total assets were valued at $3.86 billion with liabilities close to $3.84 billion. Its loan portfolio comprised commercial real estate financing, commercial business lending, standby letters of credit, consumer credit, small business loans, and residential mortgages.

History

• 1952: Originated as Atlantic Federal Savings and Loan Association of Fort Lauderdale.
• 1980s: Initiated legal action against ABC News over a report concerning intricate real estate transactions involving Alan B. Levan; the case was ultimately dismissed after the US Supreme Court declined to intervene.
• 1988: Adopted the name BankAtlantic.
• 1994: Launched the BankAtlantic Foundation.
• 1999: Jarett S. Levan joined the Board of Directors.
• 2001: Completed acquisition of Community Savings Bankshares, Inc.
• 2005: Entered a decade-long naming rights agreement valued at $20 million for the BankAtlantic Center arena.
• 2006: Incurred a $10 million fine linked to investigations into drug trafficking activities; accounts involved processed suspicious transactions exceeding $50 million.
• 2007: Stock price plunged from $46.35 to $16 within one month; divested Ryan Beck Holdings for approximately $96 million; implemented workforce reductions exceeding 220 employees and cut marketing expenditures; inaugurated its 100th branch; Jarett S. Levan assumed role of CEO.
• 2008: Filed a defamation lawsuit against analyst Richard X. Bove after being identified among high-risk banks; lost the suit in 2010 but imposed substantial legal fees on Bove; share price declined to roughly $1 by September 2010.
• 2010: Following revelations of connections with Mexican drug traffickers, reached a settlement with the Justice Department; received JD Power and Associates’ accolade for “Highest Customer Satisfaction with Retail Banking in Florida.”
• 2011: Divested Tampa Bay Area branches to PNC Financial Services to concentrate operations in South Florida; announced acquisition by BB&T, though the initial agreement fell through.
• 2012: The SEC initiated a civil lawsuit against BankAtlantic and CEO Alan B. Levan over alleged investor misinformation regarding loan problems; acquisition by BB&T was temporarily blocked by a Delaware judge citing infringement on investor rights; after renegotiation, BB&T finalized the purchase.