BankAtlantic Bancorp, Inc. Announces Completion of its Rights Offering And Withdrawal of TARP Application
BankAtlantic Bancorp (NYSE:BBX) today announced that it had completed
its previously announced Rights Offering at 5:00 p.m. on September 29,
2009 and will receive approximately $76 million of proceeds in
connection with the exercise of rights by its shareholders. As a result,
it will be issuing an aggregate of approximately 38 million shares of
its Class A Common Stock to participating shareholders.
Alan B. Levan, BankAtlantic Bancorp’s Chairman and Chief Executive
Officer, said “We are pleased with the results of the offering and are
grateful to our shareholders for their continued support.”
As previously announced, the proceeds of the Rights Offering will be
used for general corporate purposes, including specifically contribution
to the capital of, and to support BankAtlantic, its wholly-owned
federally-chartered, federally insured savings bank.
BankAtlantic Bancorp and BankAtlantic also reported that they are
withdrawing their application to participate in the U.S. Treasury’s
Capital Purchase Program.
About BankAtlantic Bancorp
(NYSE: BBX): BankAtlantic Bancorp 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.
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. 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.
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