Mid-Atlantic based PNC is to take over 19 branches of
BankAtlantic Bancorp.
The transaction is expected to be finalised in the first week of
June 2011.
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PNC will be taking over BankAtlantic Bancorp’s branch network in
Tampa – St. Petersburg in the US.
The sale of the Tampa franchise is part of BankAtlantic’s
strategy to focus on its branch distribution network in Florida’s
south-east, where the bank has 79 branches.
BankAtlantic said that ATM, card and account function will not
be disrupted.
The transaction has already been approved by the regulatory
authorities.
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By GlobalDataPNC operates 2,500 branches in 15
states and has five million customers.
The bank recently joined banks such
as US Bank, JP MorganChase, Wells
Fargo in ending free checking customers reward points for
debit card purchases.
The bank will also end
reimbursements for fees incurred at out-of-network ATMs.
PNC will continue offering free
checking accounts with no strings attached, such as minimum balance
requirements. About 70% of the bank’s five million customers have
free checking accounts.
