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BankAtlantic Bancorp, Inc. Announces Completion of Its Rights Offering and Plans to Issue Financial Results for the Second Quar

^{Published on 2010-07-22 05:15:46 - Market Wire}
 

FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--BankAtlantic Bancorp (NYSE: BBX) today announced that it had completed its previously announced Rights Offering at 5:00 p.m. on July 20, 2010 with approximately $19.7 million of proceeds received in connection with the exercise of rights by its shareholders. As a result, it will be issuing an aggregate of approximately 13.1 million shares of its Class A Common Stock to participating shareholders.

"We are very pleased with the consistency of our capital ratios over the last four years, which are indicated below."

aWe are quite pleased with the participation of our shareholders, having purchased approximately 80% of the offer,a commented Chairman and Chief Executive Officer, Alan B. Levan.

As previously announced, the proceeds of the Rights Offering will be used for general corporate purposes, including contribution to the capital of, and to support BankAtlantic^®, its wholly-owned bank subsidiary. In fact, BankAtlantica™s capital at June 30, 2010 includes $15 million received as of June 30, 2010 in connection with this Rights Offering from BankAtlantic Bancorp.

Additionally, while its financial results are still preliminary, BankAtlantic currently anticipates its June 30, 2010 regulatory capital ratios will not be significantly changed from its March 31, 2010 ratios, as set forth below, and will continue to exceed the defined regulatory well capitalized levels.

Mr. Levan continued, aWe are very pleased with the consistency of our capital ratios over the last four years, which are indicated below.a

BankAtlantic Bancorp also announced today its plans to release its financial results for the second quarter, 2010 in a press release to be issued prior to market open on Wednesday, August 4, 2010. BankAtlantic Bancorp will also host an investor and media teleconference call and webcast on Wednesday, August 4th at 11:00 a.m. (Eastern Time).

Teleconference Call Information:

To access the teleconference call in the U.S. and Canada, the toll free number to call is (866) 601-3893. International calls may be placed to (706) 643-2864. Domestic and international callers may reference PIN number 88733341.

A replay of the conference call will be available beginning two hours after the calla™s completion through 2:30 p.m. Eastern Time, Friday, September 3, 2010. To access the replay option in the U.S. and Canada, the toll free number to call is 1-800-642-1687. International calls for the replay may be placed at 706-645-9291. The replay digital PIN number for both domestic and international calls is 88733341.

Webcast Information:

Alternatively, individuals may listen to the live and/or archived webcast of the teleconference call. To listen to the webcast, visit [ www.BankAtlanticBancorp.com ], access the aInvestor Relationsa section and click on the aWebcasta navigation link, or go directly to [ http://www.visualwebcaster.com/event.asp?id=71016 ]. The archived replay of the teleconference call will be available through 2:30 p.m. Eastern Time, September 3, 2010.

About BankAtlantic Bancorp, Inc. (NYSE: BBX): is a bank holding company and the parent company of BankAtlantic.

About BankAtlantic: BankAtlantic, aFloridaa™s Most Convenient Banka ^SM, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches, online banking division - [ BankAtlantic.com ], and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week with extended weekday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center and Change Exchange coin counters.

For further information, please visit our websites:

[ www.BankAtlanticBancorp.com ]

[ www.BankAtlantic.com ]

* To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: [ www.BankAtlanticBancorp.com ].

Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the aSecurities Acta), and Section 21E of the Securities Exchange Act of 1934, as amended (the aExchange Acta), that involve substantial risks and uncertainties. Forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc. (athe Companya) and the financial information in this release is based on preliminary estimates and actual results may be materially different. Further, forward-looking statements contained in this release are qualified by, and subject to, significant accounting, business, economic, competitive, legislative, regulatory, financial and credit markets, and other uncertainties and contingencies, many of which are beyond the control of the Company. Accordingly, there is no assurance that the forward-looking statements or the anticipated results contained in this release will be realized or that actual results will not be significantly different. The Company does not currently intend to update the guidance provided herein prior to its quarterly results press release. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements or preliminary information contained herein. Additional information concerning the potential risks and other factors that could affect the Company's future performance are described in the Company's periodic reports filed with the Securities and Exchange Commission (aSECa), and may be viewed free of charge on the SEC's website, [ www.sec.gov ], or on the Company's website, [ www.BankAtlanticBancorp.com ].