Replies to post #136 on BankAtlantic Bancorp (BBX)

[mlkrborn]

BankAtlantic Bancorp Announces Completion of its Rights Offering; Expects BankAtlantic Will Meet Tier 1/Core Capital Ratio of...
Date : 06/20/2011 @ 8:30AM
Source : Business Wire
Stock : BankAtlantic Bancorp, Inc. (BBX)
Quote : 0.75 0.01 (1.35%) @ 11:38AM

BankAtlantic Bancorp Announces Completion of its Rights Offering; Expects BankAtlantic Will Meet Tier 1/Core Capital Ratio of...
Bank Atlantic (NYSE:BBX)
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Today : Monday 20 June 2011
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BankAtlantic Bancorp, Inc. (NYSE:BBX) today announced that it has completed its previously announced rights offering for its Class A Common Stock and received approximately $11.3 million of proceeds in connection with the exercise of rights by its shareholders. As a result, BankAtlantic Bancorp will issue an aggregate of approximately 15.1 million shares of its Class A Common Stock to participating shareholders.

“As previously disclosed, BankAtlantic Bancorp intends to use the proceeds of the rights offering, together with cash currently held by BankAtlantic Bancorp, to contribute capital to BankAtlantic, its primary operating subsidiary,” commented Alan B. Levan, BankAtlantic Bancorp’s Chairman and Chief Executive Officer. “While BankAtlantic's capital levels at March 31, 2011 exceeded the traditional definitions of ‘well capitalized’ regulatory capital thresholds, BankAtlantic is required to achieve by June 30, 2011 and maintain a Tier 1/Core capital ratio of 8% and Total Risk-based capital ratio of 14%. We are pleased that as a result of efforts throughout this quarter, which include the sale of the Tampa branches, balance sheet restructuring and focused management of problem assets, together with the anticipated contribution of capital, we believe that BankAtlantic will meet the higher requirements of Tier 1/Core capital ratio of 8% and Total Risk-Based capital ratio of 14% at June 30, 2011.”

BankAtlantic’s and BankAtlantic Bancorp’s second quarter 2011 financial results, including BankAtlantic’s actual June 30, 2011 capital ratios, will be released in the normal course subsequent to the end of the second quarter 2011.

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 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 and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.