-- Fresh, Convenient Branch Design Re-Defines Retail Banking In Florida --
FORT LAUDERDALE, Fla., July 15 /PRNewswire-FirstCall/ -- BankAtlantic,
"Florida's Most Convenient Bank," today unveiled its new branch, de novo
expansion strategy for 2005, and its renovation and branch "branding"
initiative for its existing 73 branches. BankAtlantic's commitment to these
two programs is the result of its exceptional growth in core deposits and is
designed to position the Bank for increased growth into its existing markets.
BankAtlantic has opened over 331,000 new checking and savings accounts since
January 2002, and the core deposits have grown at annualized rates of
approximately 30% - 35% for eight consecutive quarters.
2005 Branch De Novo Initiative:
BankAtlantic's branch expansion initiative consists of the opening of a
mix of new in-line and free-standing branches beginning in the first quarter
of 2005. The Bank expects to open between eight and ten branches in 2005.
The estimated capital expenditure for a free-standing branch is approximately
$3.5 million per branch, while the capital cost for an in-line branch is
expected to be $500,000. The total capital commitment to this program in 2005
is approximately $18 million. Based on achieving total deposits of $9 million
per branch, with approximately 30% - 50% in low cost deposits, a new branch is
anticipated to achieve a monthly break-even in 12 - 15 months following its
opening. First year start-up losses are anticipated to be an average of
$225,000 per branch including annual operating costs of approximately $600,000
per branch. The earnings impact is expected to turn positive in the second
year. Based on the evaluation and performance results of the initial
branches, BankAtlantic expects to proceed with a multi-year branch expansion
program which will be announced at a later date.
"Our commitment to a measured, methodical expansion is a natural
progression based on the outstanding results of our current branches,"
commented Lloyd DeVaux, Chief Operating Officer of BankAtlantic. "The initial
focus will be to place new branches within BankAtlantic's current footprint.
In subsequent years, as the success of this 2005 initiative is realized, we
would expect to expand our concept into other attractive markets."
Branch Branding Initiative:
The branch branding initiative, including interior renovation of all
existing 73 BankAtlantic branches, is designed to create a consistent retail
environment and customer-friendly identity regardless of the branch or its
locations. The renovation and branding of the branches is projected to be
completed by December 2005, with a capital commitment of approximately
$13 million. The renovation process includes inviting new colors, a
comfortable customer waiting area, a video plasma screen, a redesigned Totally
Free Change Exchange coin counter and a "Yeah we're open" sign. The "Yeah,
we're open" sign signifies the bank's convenient 7 day banking strategy.
"BankAtlantic's 'Florida's Most Convenient Bank' initiatives have been
widely embraced by existing customers while attracting over 331,000 new
accounts since January 2002. Since the inception of this strategy,
BankAtlantic has developed a bold and spirited personality, different than any
other bank in Florida. Now, the design elements in our branches will reflect
this personality," said BankAtlantic's Chief Marketing Officer, Jarett Levan.
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 including a Miami-Dade branch open until
midnight, free online banking, Totally Free Change Exchange coin counters,
24/7 call center service and free retail and business checking with a free
gift.
Public Relations for BankAtlantic:
Boardroom Communications
Contact: Caren Berg,
Phone: (954) 370-8999
Fax: (954) 370-8892
Email: caren@boardroompr.com
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 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:
Leo Hinkley
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
Investor & Corporate Communications:
Adrienne Zvi
Phone: (954) 760-5241, Fax: (954) 760-5415
Email: azvi@bankatlantic.com
Sharon Lyn
Phone: (954) 760-5402, Fax: (954) 760-5415
Email: CorpComm@BankAtlanticBancorp.com
Statements in this release may constitute forward-looking statements and
are made pursuant to the Safe Harbor Provision of the Private Securities
Litigation Reform Act of 1995. 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 ("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: the impact of economic, competitive and other factors affecting the
Company and its operations, markets, products and services; risks that the
capital expenditures for the free-standing branches and in-line branches may
be higher than expected, that new checking and savings deposits generated at
new branches may be lower than expected impacting the anticipated break-even
timeline of the de novo branches; that first year start-up losses or the
annual operating costs per branch may be higher than anticipated; that the
number of new branches may be less than anticipated, that the earnings impact
may not turn positive in the second year or at all; the risks associated with
the renovated and re-branded branches including the risk that the total
capital may exceed its anticipated commitment; and 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
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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, Investor Relations,
+1-954-760-5317, or InvestorRelations@BankAtlanticBancorp.com, or
Investor and Corporate Communications, Sharon Lyn,
+1-954-760-5402, or CorpComm@BankAtlanticBancorp.com, or Adrienne
Zvi, +1-954-760-5241, or azvi@bankatlantic.com, all of
BankAtlantic Bancorp, Inc., fax, +1-954-760-5415; 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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