BB&T Corp.'s application to acquire BankAtlantic was approved Tuesday by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corp.

The North Carolina Office of the Commissioner of Banks also has approved the acquisition. BankAtlantic branches will be rebranded as BB&T in the fourth quarter.

"We are pleased to welcome our new clients and associates to BB&T and are excited about boosting our presence in Southeast Florida," said Chairman and Chief Executive Officer Kelly S. King. "The acquisition of BankAtlantic is a compelling strategic expansion that meets all of BB&T's acquisition criteria. The bank's strong retail-oriented deposit-gathering reputation, as well as a focus on improving financial literacy in its communities, and long-standing commitment to client service is a perfect fit with BB&T's culture."

The strategic acquisition of BankAtlantic expands BB&T's presence in the Southeast Florida market, through the purchase of approximately $3 billion in core deposits and enhances BB&T's market share to No. 6 in the Miami market.