FORT LAUDERDALE, Fla., April 27 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp (NYSE: BBX) today announced that it has decided to withdraw its
previously announced filing of a Registration Statement with the Securities
and Exchange Commission with respect to a proposed offering of 4,000,000
shares of its Class A Common Stock. The decision to withdraw the offering was
based on BankAtlantic Bancorp's shareholders' equity and cash position having
improved significantly since the filing of the registration statement, but the
trading price of bank equities, including the Company's stock, has declined
following announcement of the offering, related largely to increased market
expectations of higher interest rates. While as previously reported,
BankAtlantic Bancorp would expect to benefit from higher interest rates, it
believes it has been negatively impacted by industry trends. Because the
regulatory capital ratios qualify BankAtlantic as "well capitalized" and the
Company projects sufficient earnings to support its growth, the Company no
longer plans to offer securities at this time.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic and Ryan Beck & Co.
Through these subsidiaries, BankAtlantic Bancorp provides a full line of
products and services encompassing consumer and commercial banking, brokerage
and investment banking.
About BankAtlantic:
BankAtlantic, "Florida's Most Convenient Bank," is one of the largest
financial institutions headquartered in Florida and provides a comprehensive
offering of banking services and products via its broad network of community
branches throughout Florida and its online banking division --
BankAtlantic.com. BankAtlantic has 73 branch locations and operates more than
200 conveniently located ATMs. BankAtlantic is open 7 days a week and offers
holiday hours, extended weekday hours, Totally Free Change Exchange coin
counters, 24/7 call center service, and free retail and business checking with
a free gift.
Seven-Day Banking - Monday through Sunday
* Extended branch lobby hours are 8:30 am - 5:00 pm, Monday through
Wednesday, and 8:30 am - 8:00 pm, Thursday and Friday. Our Kendale Lakes
branch in Miami-Dade will be open until midnight commencing June 1, 2004.
* Extended drive-thru hours are 7:30 am - 8:00 pm, Monday through Friday.
* Saturday branch lobby hours are 8:30 am - 3:00 pm, and drive-thru hours
are 7:30 am - 6:00 pm.
* Sunday branch lobby hours are 11:00 am - 4:00 pm, and drive-thru hours
are 11:00 am - 4:00 pm.
About Ryan Beck & Co.:
Ryan Beck & Co. is a full-service broker dealer engaging in underwriting,
market making, distribution, and trading of equity and debt securities. The
firm also provides money management services, general securities brokerage,
including financial planning for the individual investor, consulting and
financial advisory services to financial institutions and middle market
companies. Ryan Beck & Co. also provides independent research on
approximately 100 companies and has approximately 500 financial consultants
located in 33 offices nationwide.
For further information, please visit our websites:
http://www.BankAtlanticBancorp.com
http://www.BankAtlantic.com
http://www.RyanBeck.com
To receive future BankAtlantic Bancorp news releases or announcements
directly via Email, please click on the Email Broadcast Sign Up at our
website: http://www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations:
Contact: Leo Hinkley, Vice President
Phone: (954) 760-5317
Fax: (954) 760-5415
Email: InvestorRelations@BankAtlanticBancorp.com.
Mailing Address: BankAtlantic Bancorp, Investor Relations,
1750 East Sunrise Blvd., Fort Lauderdale, FL 33304
Corporate Communications:
Contact: Sharon Lyn, Assistant Vice President
Phone: (954) 760-5402
Fax: (954) 760-5415
Email: CorpComm@BankAtlanticBancorp.com
BankAtlantic, "Florida's Most Convenient Bank," Contact Info:
Public Relations:
Contact: Hattie Harvey, Public Relations Manager
Phone: (954) 760-5383
Fax: (954) 760-5388
Email: HHarvey@BankAtlantic.com.
Public Relations for BankAtlantic:
Boardroom Communications, Caren Berg
Phone: (954) 370-8999, Fax: (954) 370-8892
Email: Caren@Boardroompr.com
Except for historical information contained herein, the 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. When used
in this press release and in any documents incorporated by reference herein,
the words "anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify certain of these forward-looking statements.
Actual results, performance, or achievements could differ materially from
those contemplated, expressed, or implied by the forward-looking statements
contained herein. These forward-looking statements are based largely on the
expectations of BankAtlantic Bancorp, Inc. ("the Company") and are subject to
a number of risks and uncertainties that are subject to change based on
factors which are, in many instances, beyond the Company's control. These
include, but are not limited to risks and uncertainties associated with
changes in interest rates and the effects of, and changes in, trade, monetary
and fiscal policies, and laws. In addition to the risks and factors
identified above, reference is also made to other risks and factors detailed
in reports filed by the Company with the Securities and Exchange Commission.
The Company cautions that the foregoing factors are not exclusive.
SOURCE BankAtlantic Bancorp
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Related links:
http://www.bankatlantic.com
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Leo Hinkley, Vice President, Investor
Relations, +1-954-760-5317, or
InvestorRelations@BankAtlanticBancorp.com, or Sharon Lyn,
Assistant Vice President, Corporate Communications,
+1-954-760-5402, or CorpComm@BankAtlanticBancorp.com, both of
BankAtlantic Bancorp, Inc., fax, +1-954-760-5415; or Hattie
Harvey, Public Relations Manager, BankAtlantic, +1-954-760-5383,
or fax, +1-954-760-5108, or email, HHarvey@BankAtlantic.com; or
Caren Berg, Boardroom Communications, +1-954-370-8999, or fax,
+1-954-370-8892, or email, Caren@Boardroompr.com, for
BankAtlantic
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