BankAtlantic Bancorp (NYSE:BBX) announced today that it had received the
proceeds from its recently announced sale of 1,885,000 shares of Stifel
Financial Corporation Common Stock at a price of $40.00 per share.
Aggregate net proceeds to BankAtlantic Bancorp (“the
Company”) are expected to be approximately
$71.5 million after underwriting discounts, commissions and expenses.
Including today’s proceeds, BankAtlantic
Bancorp holds approximately $173 million in cash and investments, which
includes 242,354 shares of Stifel Financial Corporation Common Stock, as
well as warrants to purchase 481,724 shares of Stifel Financial
Corporation Common Stock at an exercise price of $36.00 per share.
The Company intends to use the proceeds together with available cash to
create a subsidiary of BankAtlantic Bancorp to acquire and hold
non-accrual loans from BankAtlantic. Prior to March 31, 2008, we intend
to transfer approximately $100 million of BankAtlantic’s
non-accrual loans to this subsidiary, in exchange for $100 million in
cash. BankAtlantic is currently well capitalized and will remain well
capitalized upon transfer of the assets, which will continue to be
reflected in BankAtlantic Bancorp’s
consolidated financial statements following the transaction. As of
December 31, 2007, BankAtlantic reported total non-accrual loans of
$178.6 million, including non-accrual commercial real estate loans of
$159.3 million.
“This is an important step in aggressively
dealing with the risks associated with the current credit environment
while maintaining the focus on BankAtlantic’s
core competencies and operations,” commented
BankAtlantic Bancorp’s Chairman and Chief
Executive Officer, Alan B. Levan. “We hope
this will make it easier for shareholders, investors and analysts to
evaluate BankAtlantic’s ongoing areas of
business and provide additional clarity relating to the strength of
BankAtlantic’s core operating platform,
capital ratios and liquidity.”
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE:BBX) is a diversified financial services
holding company and the parent company of BankAtlantic. BankAtlantic
Bancorp provides a full line of products and services encompassing
consumer and commercial banking.
About BankAtlantic:
BankAtlantic, "Florida's Most Convenient Bank", with $6 billion in
assets and more than 100 stores is one of the largest financial
institutions headquartered in Florida. BankAtlantic is open 7 days a
week and offers holiday hours, extended weekday hours, Totally Free
Online Banking & Bill Pay, a 7-Day Customer Service Center, Totally Free
Change Exchange coin counters and free retail and business checking with
a free gift. BankAtlantic has been serving communities throughout
Florida since 1952 and currently operates more than 250 conveniently
located ATMs. The bank has supported thousands of charitable, civic and
professional organizations since the inception of the BankAtlantic
Foundation in 1994.
For further information, please visit
our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
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announcements directly via Email, please click on the Email Broadcast
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BankAtlantic Bancorp Contact Info:
Donna Rouzeau, Assistant Vice President, Investor Relations &
Corporate Communications
Email: CorpComm@BankAtlanticBancorp.com
Leo Hinkley, Senior Vice President, Investor Relations Officer
Email: InvestorRelations@BankAtlanticBancorp.com
Phone: (954) 940-5300, Fax: (954)
940-5320
Mailing Address: BankAtlantic
Bancorp, Investor Relations
2100 West Cypress Creek Road, Fort Lauderdale, FL 33309
BankAtlantic, "Florida's Most
Convenient Bank," Contact Info:
Public Relations:
Hattie Hess, Vice President, Public Relations
Telephone: 954-940-6383, Fax: 954-940-6310
Email: hhess@BankAtlantic.com
Public Relations for BankAtlantic:
Boardroom Communications
Caren Berg
Phone: 954-370-8999, Fax: 954-370-8892
Email: caren@boardroompr.com
Some of the statements contained or incorporated by reference herein
include forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange
Act”), that involve substantial risks and
uncertainties. Any statement in this release that is not a
statement of historical fact may be deemed to be a forward-looking
statement. Such forward-looking statements involve known and unknown
risks and uncertainties, and many of these factors are beyond the Company’s
control. The Company cautions that the foregoing factors are not
exclusive. Additional information concerning the potential risk
factors that could affect the Company's future performance are described
in the Company's periodic reports filed with the SEC, which may be
viewed free of charge on the SEC's website, www.sec.gov,
or on the Company's website, www.BankAtlanticBancorp.com.
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