BankAtlantic, "Florida's Most Convenient Bank," reported today that it opened nearly 62,000 and 197,000 new low cost deposit accounts in the third quarter of 2006 and year-to-date 2006, respectively, an increase of 21% and 27% over the number of accounts opened in the corresponding 2005 periods. At quarter end, "total bank" and "same store" low cost deposit balances increased 5.5% and 5.3%, respectively, versus the third quarter 2005, representing an increase of $110 million in low cost deposit balances. As noted in earlier quarters, growth in balances in new low cost accounts remains very strong, but declines in legacy balances, due to higher interest rates and other factors, hampers growth in net aggregate balances. Demand deposits declined slightly to 27.5% of total deposits from 29.2% in the prior quarter. Year-over-year, low cost deposit balances rose to 57.3% of total deposits, up from 54% in the third quarter of 2005.
"These new low cost deposit accounts have generated close to $443 million in new balances to BankAtlantic this year," commented Alan B. Levan, BankAtlantic's Chairman and Chief Executive Officer. "Although the "˜seasonality' tendency of the third quarter of each year presents a potentially challenging environment, we are very encouraged with our continued momentum and growth in new low cost deposit accounts."
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About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE:BBX) is a diversified financial services holding company and the parent company of BankAtlantic and Ryan Beck & Co. Through these subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking.
About BankAtlantic:
BankAtlantic, "Florida's Most Convenient Bank" is one of the largest financial institutions headquartered in Florida and provides a comprehensive offering of banking services and products via its broad network of community stores and its online banking division - BankAtlantic.com. BankAtlantic has over 80 stores and operates more than 250 conveniently located ATMs. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, including several stores open until midnight, Totally Free Online Banking & Bill Pay, 24/7 Customer Service Center, Totally Free Change Exchange coin counters and free retail and business checking with a free gift.
About Ryan Beck & Co.:
Founded in 1946, Ryan Beck & Co., Inc. provides financial advice and innovative solutions to individuals, institutions and corporate clients through the activities of approximately 1,100 employees in 43 offices located in 14 states. For individual investors, the firm's Private Client Group provides a full range of financial services, including investment consulting, retirement plans, insurance and investment advisory services. Institutional clients benefit from the market making, underwriting and distribution activities of the firm's experienced Capital Markets Group, which encompasses equity and fixed income trading and institutional sales as well as research. Through its Investment Banking Groups, Ryan Beck raises capital and provides financial advisory services to financial institutions, middle market companies and municipalities.
For further information, please visit our websites:www.BankAtlanticBancorp.com www.BankAtlantic.com www.RyanBeck.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. 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 BankAtlantic Bancorp Contact Info:Donna Rouzeau, Assistant Vice President, Investor Relations & Corporate Communications Email: CorpComm@BankAtlanticBancorp.com Leo Hinkley, Senior Vice President, Investor Relations 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
Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the word "expect" and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Future performance, including continued growth of new accounts, core deposits, and the success and profitability of seven-day banking and other growth initiatives, is subject to a number of risks and uncertainties, which are, in many instances, beyond the Company's control. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive.
