FORT LAUDERDALE, Fla. - BankAtlantic Bancorp (NYSE:BBX) has reached an agreement to purchase Florida-based Community Savings Bankshares Inc. (NASDAQ:CMSV) in a $170 million stock deal that is expected to create a wider ATM network for Community's South Florida customers.
Community operates 21 branches in four South Florida counties with assets of $948 million. The agreement, under which Community shareholders will receive $19 per share, will leave BankAtlantic with 82 Florida branches and about $5.7 billion in assets according to a press release. The transaction is expected to close in the first quarter of 2002.
"The combined talent and assets of BankAtlantic and Community will provide our customers an expanded offering of competitive products and services, a far greater selection of convenient banking centers, a much broader ATM network and a very extensive online banking service," said James B. Pittard Jr., Community president and chief executive officer, in the release.
In morning trading, shares in Community Savings were up $4.08 to $18.58, a 28.1 percent increase. BankAtlantic shares were down 13 cents to $8.90.
