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Fri, October 14, 2011

BankAtlantic Bancorp, Inc. Effects Reverse Stock Split


Published on 2011-10-14 14:11:07 - Market Wire
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FORT LAUDERDALE, Fla.--([ BUSINESS WIRE ])--BankAtlantic Bancorp, Inc. (NYSE: BBX) announced today that it effected its previously announced one-for-five reverse stock split as of the close of trading today, Friday, October 14, 2011. At that time, each five shares of BankAtlantic Bancorp's Class A Common Stock outstanding automatically converted into one share of Class A Common Stock, and each five shares of BankAtlantic Bancorp's Class B Common Stock outstanding automatically converted into one share of Class B Common Stock. No fractional shares will be issued in connection with the reverse stock split. Instead, any fractional share resulting from the reverse stock split will be rounded up to the next largest whole share. BankAtlantic Bancorpa™s Class A Common Stock will begin trading on a split-adjusted basis on the New York Stock Exchange upon the opening of trading on Monday, October 17, 2011, and will continue to be traded under its current ticker symbol, aBBX.a

The reverse stock split reduced the number of outstanding shares of BankAtlantic Bancorpa™s Class A Common Stock from 78,223,745 shares to approximately 15,644,749 shares (subject to rounding up of fractional shares). The number of outstanding shares of BankAtlantic Bancorpa™s Class B Common Stock was reduced from 975,225 shares to 195,045 shares. In addition, the number of authorized shares of BankAtlantic Bancorpa™s Class A Common Stock and Class B Common Stock, the number of shares of Class A Common Stock available for issuance under BankAtlantic Bancorpa™s equity compensation plans and the number of shares of Class A Common Stock underlying stock options and other instruments exercisable for, or convertible into, Class A Common Stock were also ratably decreased in connection with the reverse stock split. The new CUSIP number for BankAtlantic Bancorpa™s Class A Common Stock is 065908808.

The reverse stock split has no impact on shareholdersa™ proportionate equity interests or voting rights in BankAtlantic Bancorp or the par value of BankAtlantic Bancorpa™s Class A Common Stock or Class B Common Stock, which in each case remain unchanged at $0.01 per share.

American Stock Transfer and Trust Company, LLC, transfer agent for BankAtlantic Bancorpa™s Class A Common Stock and exchange agent for the reverse stock split, will promptly send registered shareholders a letter of transmittal with instructions for the exchange of stock certificates. Shareholders who hold shares in brokerage accounts will be contacted by their brokers with instructions. Shareholders should not destroy any stock certificates and should not submit any certificates for exchange until requested to do so.

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 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 and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.

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 ].

Some of the statements contained herein include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve substantial risks and uncertainties. Forward-looking statements are based largely on management's expectations and involve inherent risks and uncertainties, including those detailed in the Companya™s Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011 and other reports filed by the Company with the Securities and Exchange Commission.The Company cautions that such risks and factors are not exclusive.

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