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BFC Financial Corporation: BFC Financial Corporation Announces Board Approval of Share Repurchase Program

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^{Published in Business and Finance on Tuesday, September 22nd 2009 at 12:53 GMT by Market Wire}  

FORT LAUDERDALE, FL--(Marketwire - September 22, 2009) - BFC Financial Corporation (PINKSHEETS: [ BFCF ]) announced today that its board of directors has approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of Class A and Class B Common Stock at an aggregate cost of no more than $10 million. This program replaces the $10 million share repurchase program that BFC's board of directors approved in October 2006 which placed a cap on the number of shares which could be repurchased under the program at 1,750,000 shares of Class A Common Stock. BFC previously repurchased 100,000 shares of Class A Common Stock at an aggregate cost of $54,000 under the prior program. The current program, like the prior program, authorizes management, at its discretion, to repurchase shares from time to time subject to market conditions and other factors.

About BFC Financial Corporation:

BFC Financial Corporation's (PINKSHEETS: [ BFCF ]) current major holdings include its wholly-owned subsidiary, Woodbridge Holdings, LLC (formerly Woodbridge Holdings Corporation), and its subsidiaries, its controlling interest in BankAtlantic Bancorp, Inc. (NYSE: [ BBX ]) and its wholly-owned subsidiary, BankAtlantic, and a non-controlling interest in Benihana, Inc. (NASDAQ: [ BNHN ]).