BankAtlantic
A former Florida-based commercial bank that operated under the BankAtlantic name until its acquisition by BB&T in 2012.
Last updated August 22, 2026
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Overview
BankAtlantic was a Florida banking institution that served consumer and business customers until its acquisition by BB&T Corporation in 2012. The institution began in 1952 in Fort Lauderdale as Atlantic Federal Savings and Loan Association of Fort Lauderdale and adopted the BankAtlantic name in 1988. Over time, it developed from a local savings institution into a regional bank with a substantial branch network across South Florida and parts of the state's east and west coasts. Before the acquisition, BankAtlantic operated branches in Broward, Martin, Miami-Dade, Palm Beach, and St. Lucie counties. Its services included consumer deposits, retail banking, commercial banking, residential lending, consumer loans, small-business lending, commercial business loans, commercial real-estate loans, and standby letters of credit and other lending commitments. The bank was a member of the Federal Deposit Insurance Corporation. In June 2011, reported assets were approximately $3.86 billion and liabilities approximately $3.84 billion; these figures describe a specific point in time rather than the institution's entire operating history. BankAtlantic's corporate history was closely associated with the Levan family and with BankAtlantic Bancorp. Alan B. Levan was chairman and chief executive during the institution's later years, while his son Jarett S. Levan joined the board in 1999 and became chief executive in 2007. The company also expanded outside traditional branch banking, including its acquisition of Community Savings Bankshares in 2001 and a naming-rights agreement for the arena later known as the BankAtlantic Center in 2005. The bank faced significant reputational, legal, regulatory, and financial pressure during the 2000s. Earlier disputes included litigation against ABC News over reporting concerning real-estate transactions. In 2006, BankAtlantic paid a $10 million penalty following an investigation into suspicious transactions associated with Florida drug traffickers. During the financial crisis, its share price fell sharply, and the company sold Ryan Beck Holdings, reduced its workforce, and cut marketing expenditure. It also faced a defamation action related to analyst Richard X. Bove's 2008 report ranking banks by perceived investor risk; the case was unsuccessful. BankAtlantic attempted to sell itself in 2011 and announced an agreement to be acquired by BB&T. The initial transaction encountered opposition and was blocked by a Delaware judge on grounds concerning investor rights, but the parties subsequently renegotiated. BB&T completed the acquisition in 2012, ending BankAtlantic's independent existence and ultimately discontinuing the BankAtlantic brand. The former bank is therefore best understood as a defunct Florida regional banking brand rather than as an active financial institution.
History
BankAtlantic was established in 1952 in Fort Lauderdale, Florida, as Atlantic Federal Savings and Loan Association of Fort Lauderdale. Its original form reflected the role of savings and loan institutions in gathering deposits and financing residential property. In 1988, the institution adopted the BankAtlantic name, under which it later expanded its consumer and commercial banking presence. The bank's later development was connected with BankAtlantic Bancorp and the Levan family. BankAtlantic Bancorp acquired Community Savings Bankshares in 2001, broadening the group's banking operations. In 2005, BankAtlantic entered a ten-year naming-rights agreement valued at $20 million for the multipurpose arena that became the BankAtlantic Center and was associated with the Florida Panthers. The institution also established the BankAtlantic Foundation in 1994. At its height, BankAtlantic operated a large Florida branch network, with locations in Broward, Martin, Miami-Dade, Palm Beach, and St. Lucie counties. It served both households and businesses and offered deposits, consumer lending, residential loans, small-business finance, commercial business loans, commercial real-estate loans, and related credit commitments. It was insured by the Federal Deposit Insurance Corporation. The institution encountered legal and reputational challenges before the financial crisis. During the 1980s, it sued ABC News over coverage of complex real-estate transactions associated with efforts by Alan B. Levan to keep the bank financially viable. The bank did not prevail after the United States Supreme Court declined to hear the matter. In 2006, an investigation into dealings involving Florida drug traffickers resulted in a reported $10 million penalty; the investigation stated that more than $50 million in suspicious transactions had passed through certain BankAtlantic accounts. Financial stress intensified in the late 2000s. The company's share price declined substantially in 2007, and management responded by selling Ryan Beck Holdings for approximately $96 million, laying off more than 220 workers, and reducing its marketing budget. Jarett S. Levan, who had joined the board in 1999, became chief executive in 2007, succeeding his father in that role. In 2008, BankAtlantic sued analyst Richard X. Bove over a report that ranked banks according to perceived risk. The bank lost the case in 2010, and its share price had fallen to approximately one dollar by September of that year. BankAtlantic also faced continued scrutiny over alleged dealings with Mexican drug traffickers. A 2010 report described a settlement arrangement with the United States Department of Justice. Separately, the Securities and Exchange Commission filed a civil action in 2012 against BankAtlantic and Alan B. Levan, alleging that investors had been misled about loan problems. The supplied reference does not establish the final disposition of that SEC action. In 2011, the bank sold its Tampa Bay branches to PNC and focused on South Florida. It then announced a proposed acquisition by BB&T. A Delaware judge initially blocked the transaction, citing the rights of investors, but BB&T and BankAtlantic renegotiated the arrangement. BB&T completed the acquisition in 2012. BankAtlantic ceased to operate as an independent bank, and its brand was discontinued.
- 2012
Acquired by BB&T
[1]Following renegotiation of the proposed transaction, BB&T acquired BankAtlantic and ended its independent existence.
- 2011
Tampa Bay branches sold
[1]BankAtlantic sold its Tampa Bay-area branches to PNC Financial Services.
- 2007
Branch network reached 100 locations
[1]BankAtlantic opened its 100th location while also undertaking cost reductions during financial difficulty.
- 2005
Arena naming-rights agreement
[1]BankAtlantic signed a ten-year naming-rights agreement for the BankAtlantic Center, the arena associated with the Florida Panthers.
- 2001
Community Savings acquisition
[1]BankAtlantic Bancorp acquired Community Savings Bankshares, Inc.
- 1994
BankAtlantic Foundation created
[1]The BankAtlantic Foundation was established.
- 1988
BankAtlantic name adopted
[1]Atlantic Federal Savings and Loan Association of Fort Lauderdale changed its name to BankAtlantic.
- 1952
Institution founded
[1]Atlantic Federal Savings and Loan Association of Fort Lauderdale was founded in Fort Lauderdale, Florida.
Products and positioning
Regional Florida bank serving consumer, small-business, and commercial customers through a community-oriented branch network.
Consumer banking
Retail banking
BankAtlantic provided branch-based consumer banking services to Florida communities, including deposit accounts and other everyday banking services. Its retail network supported the institution's role as a regional bank serving households across South and central portions of the state.
Business banking
Commercial banking
The bank served business customers through commercial banking products and lending relationships. Its reported lending portfolio included commercial business loans, small-business loans, commercial real-estate loans, standby letters of credit, and other commitments.
Lending
Residential and consumer lending
BankAtlantic's lending activities included residential loans and consumer loans alongside its business-credit operations. These products formed part of the bank's broader portfolio before the institution was acquired by BB&T.
Controversies
2012
SEC allegations concerning loan disclosures
The Securities and Exchange Commission filed a civil lawsuit against BankAtlantic and Alan B. Levan, alleging that investors had been misled about problems in the bank's loan portfolio. The available reference does not state the final outcome.
2010
Alleged dealings involving Mexican drug traffickers
A report described BankAtlantic as one of several United States banks implicated in dealings involving Mexican drug traffickers and stated that the bank entered into a settlement arrangement with the Department of Justice.
2006
Suspicious transactions investigation
An investigation into transactions involving Florida drug traffickers reported that more than $50 million in suspicious transactions had moved through certain BankAtlantic accounts. BankAtlantic paid a reported $10 million penalty.
Marketing campaigns
- 2010Florida retail banking customer-satisfaction recognition
Florida · United States
BankAtlantic was reported as the recipient of the highest customer satisfaction ranking for retail banking in Florida in the 2010 J.D. Power and Associates retail banking satisfaction study.
Outcome. The recognition provided a positive customer-service counterpoint during a period of financial and regulatory pressure.
- 2005BankAtlantic Center naming-rights program
South Florida · United States
BankAtlantic attached its name to a major South Florida multipurpose arena through a ten-year naming-rights agreement. The venue was home to the Florida Panthers and gave the regional bank broad public visibility.
Outcome. The arena operated under the BankAtlantic Center name during the agreement period; the brand later disappeared following the bank's acquisition.
Brand decisions
2012
Completion of BB&T acquisitionM&ABackground
After the original transaction encountered judicial opposition, BankAtlantic and BB&T renegotiated the terms.
Action taken
BB&T completed the acquisition of BankAtlantic.
Aftermath
BankAtlantic ceased operating as an independent bank and the BankAtlantic brand was discontinued.
2011
Exit from Tampa Bay branch marketStrategyBackground
BankAtlantic was attempting to strengthen its position during a period of financial stress and strategic reassessment.
Action taken
It sold its Tampa Bay-area branches to PNC Financial Services and concentrated on South Florida.
Aftermath
The transaction reduced BankAtlantic's geographic presence before its eventual acquisition by BB&T.
2011
Proposed sale to BB&TM&ABackground
BankAtlantic placed itself up for sale as it confronted financial and investor pressure.
Action taken
The bank announced an agreement to be acquired by BB&T. The initial deal was later blocked by a Delaware judge on grounds concerning investor rights and was subsequently renegotiated.
Aftermath
The revised transaction closed in 2012, ending BankAtlantic as an independent institution.
2007
Cost reductions and asset saleStrategyBackground
BankAtlantic faced financial difficulties and a sharp decline in its share price.
Action taken
The company sold Ryan Beck Holdings for approximately $96 million, eliminated more than 220 jobs, and reduced its marketing budget.
Aftermath
The measures reduced the company's operating footprint and expenditure while it continued to face financial pressure.
Ryan Beck Holdings sale value. Approximately $96 million sale proceeds (2007)
Sources1 sources
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