BankAtlantic Bancorp, Inc. operates as the holding company for BankAtlantic that provides retail and commercial banking services in Florida. It generates various deposit products, including commercial demand deposit accounts, retail demand deposit accounts, savings accounts, money market accounts, certificates of deposit, various negotiable order of withdrawal accounts and individual retirement accounts, and Keogh retirement accounts. The company's lending portfolio comprises commercial real estate loans, commercial business loans, standby letters of credit and commitments, consumer loans, small business loans, and residential loans. As of December 31, 2007, it offered its services through approximately 100 branches in southeast and central Florida and the Tampa Bay area, primarily in the Miami-Dade, Broward, Palm Beach, Hillsborough, and Pinellas counties. The company was founded in 1952 and is headquartered in Ft. Lauderdale, Florida.
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.
The reverse stock split reduced the number of outstanding shares of BankAtlantic Bancorp's Class A Common Stock from 51,410,037 to approximately 10,282,008 (subject to rounding up of fractional shares) and the number of outstanding shares of BankAtlantic Bancorp's Class B Common Stock from 4,876,124 to 975,225. In addition, the number of authorized shares of BankAtlantic Bancorp's common stock, the number of shares of Class A Common Stock available for issuance under BankAtlantic Bancorp's equity compensation plans and the number of shares of Class A Common Stock underlying stock options and other exercisable or convertible instruments were also ratably decreased in connection with the reverse stock split.
The reverse stock split has no impact on shareholders' proportionate equity interests or voting rights in BankAtlantic Bancorp or the par value of BankAtlantic Bancorp's Class A Common Stock or Class B Common Stock, which in each case will remain unchanged at $0.01 per share. However, following the reverse stock split, the CUSIP number of BankAtlantic Bancorp's Class A Common Stock is now 065908600.
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