SAN FRANCISCO (Thomson Financial) - BankAtlantic, a subsidiary of
BankAtlantic Bancorp Inc., said Tuesday it has agreed to sell its five stores in
the Orlando market to Mercantile Bank, the Florida banking operations for the
South Financial Group.
Financial terms of the deal, which is expected to close in the second
quarter, were not disclosed.
The transaction is not expected to have a material financial impact on
BankAtlantic's results, the company said.
Shares of Fort Lauderdale, Fla.-based BankAtlantic rose 8.3% to $4.56, while
shares of Greenville, S.C.-based South Financial gained 4.4% to $14.44.
Gabriel Madway
gm
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