BBX 0.75 after RIs and Tampa branches sold to PNC to raise capitalization ratios! Still short of 30m tho.
BankAtlantic raises $11.3M, short of goal
South Florida Business Journal - by Brian Bandell
Date: Monday, June 20, 2011, 9:09am EDT
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Banking & Financial Services
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BankAtlantic Bancorp raised $11.3 million, but had earlier set a goal of raising $30 million.
BankAtlantic CEO Alan Levan expressed confidence the bank can meet its capital ratio requirement even though the stock offering fell short of its goals.
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BankAtlantic BancorpbizWatch BankAtlantic Bancorp Follow this company announced that it raised $11.3 million from an offering to existing shareholders that closed on June 16.
While the money will help the Fort Lauderdale-based bank holding company (NYSE: BBX) in its quest to raise capital by June 30 to comply with regulatory demands, it was well short of the $30 million capital raise goal the company set when it announced the offering in early May.
BankAtlantic Bancorp issued 15.1 million shares of Class A Common Stock for 75 cents each to the shareholders that elected to participate. The stock traded at 89 cents the day the company announced the offering, but it closed at 74 cents on Friday.
The company’s controlling shareholder, Fort Lauderdale-based BFC Financial CorpbizWatch BFC Financial Corp Follow this company . (Pink Sheets: BFCF) previously announced that it would participate in the offering but it had yet to issue a public filing disclosing how many shares it purchased.
In June, BankAtlantic Bancorp gained $38.2 million by selling its Tampa area branches to PNC Financial Services GroupbizWatch PNC Financial Services Group Follow this company (NYSE: PNC).
