Business & Finance
Business and Finance
Business and Finance
Wed, August 25, 2010
Tue, August 24, 2010 BankAtlantic Bancorp Announces Termination of Offers to Purchase and Consent Solicitations for All Non-Publicly Traded Trust Pr
FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--BankAtlantic Bancorp, Inc. (NYSE:BBX) (the aCompanya) announced today that it is terminating its previously announced cash offers to purchase, and consent solicitations relating to, its twelve series of non-publicly traded trust preferred securities (aTruPSa), with an aggregate principal amount of $230,000,000 (the aOffersa). The Offers were scheduled to expire on September 30, 2010.
The Company also announced that it is dismissing the currently pending lawsuit it filed against The Bank of New York Mellon, as trustee under an indenture of an issuer of collateralized debt obligations which holds $25.2 million principal amount of TruPS. The lawsuit was filed seeking a declaratory judgment and order directing The Bank of New York Mellon, as trustee, to act on the direction received from the beneficial owners of the TruPS subject to the Offer to accept the Offer. As a result of the termination of the Offers, this lawsuit is no longer necessary.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Floridaa™s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches, online banking division a" 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 ]
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