Expects Rights Offering to be at a Substantial Discount to Market
BankAtlantic Bancorp, Inc. (NYSE:BBX) today announced that its Board of Directors has retained Stifel Nicolaus & Company, Incorporated to advise it with respect to determining a subscription price for its previously announced rights offering of up to $100 million of its Class A Common Stock to its shareholders of record as of August 24, 2009. The Board of Directors held a meeting earlier today to preliminarily evaluate the information provided by Stifel Nicolaus and intends to meet later this week to set the subscription price and determine other material terms of the rights offering. The information provided by Stifel Nicolaus suggests, among other things, that the subscription price set in offerings involving comparable transactions have been at substantial discounts to the trading price and pro forma tangible book value of the institutions’ shares. BankAtlantic Bancorp currently expects the subscription period for the proposed rights offering to expire on September 29, 2009, unless extended by BankAtlantic Bancorp, and it reserves the right to cancel or terminate the rights offering at any time prior to its expiration date. An announcement of the subscription price and other material terms of the rights offering will be made once determined by the Board of Directors.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. When available, copies of the prospectus and the accompanying prospectus supplement relating to these securities may be obtained by contacting BankAtlantic Bancorp, Inc., Attn: Investor Relations, 2100 West Cypress Creek Road, Fort Lauderdale, FL 33309.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Florida’s Most Convenient Bank, 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
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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 "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties, including but not limited to the risk that, because of business, economic or market conditions or for any other reasons within BankAtlantic Bancorp’s discretion, BankAtlantic Bancorp may decide not to pursue the rights offering and that the rights offering may not be consummated. In addition to the risks and uncertainties identified above, reference is also made to other risks and uncertainties detailed in reports filed by BankAtlantic Bancorp with the Securities and Exchange Commission. BankAtlantic Bancorp cautions that the foregoing risks and uncertainties are not exclusive.
Contacts:
BankAtlantic Bancorp, Inc., Fort
Lauderdale
Leo Hinkley, Investor Relations Officer,
954-940-5300
InvestorRelations@BankAtlanticBancorp.com
or
BankAtlantic
Media
Relations:
Sharon Lyn, Vice President, 954-940-6383
Fax:
954-940-5320
CorpComm@BankAtlanticBancorp.com
or
Public
Relations:
Rbb Public Relations
Sandra Fine,
305-567-0535
Fax: 305-448-5027
sandra.fine@rbbpr.com