Summary
This 8-K filing by BB&T Corporation (now Truist Financial Corp.) announces the termination of its definitive merger agreement with FloridaFirst Bancorp Inc. The termination stems from comments received from the Office of Thrift Supervision (OTS) regarding regulatory requirements. Specifically, the OTS indicated that prior approval for entering into such a merger agreement was necessary due to FloridaFirst's recent conversion from a mutual to a stock form within the last three years. BB&T and FloridaFirst have expressed disappointment but intend to comply with the OTS's position. BB&T plans to file a formal application with the OTS to seek approval for the transaction. While the OTS has approved similar applications in the past, there is no guarantee of approval, and the review process could take up to 90 days or longer. This development impacts the planned acquisition of FloridaFirst, a Lakeland-based bank with $812 million in assets.
Key Highlights
- 1BB&T Corporation and FloridaFirst Bancorp Inc. have terminated their merger agreement dated October 2, 2002.
- 2The termination is a result of comments received from the Office of Thrift Supervision (OTS).
- 3The OTS requires prior approval for mergers involving savings and loan holding companies that have recently converted from mutual to stock form (FloridaFirst converted fully in December 2000).
- 4BB&T plans to file an application with the OTS to seek approval for the transaction.
- 5Both companies expressed disappointment but are committed to complying with regulatory requirements.
- 6The OTS has a 30-day timeframe to review the application once deemed complete, with the overall process potentially taking up to 90 days or longer.
- 7FloridaFirst Bancorp has $812 million in assets and operates 18 offices in Central Florida.