BankAtlantic Bancorp, Inc. : Announces Record Date for Possible Rights Offering
02/16/2012| 05:45pm US/Eastern
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BankAtlantic Bancorp, Inc. (NYSE:BBX) (the "Company") today announced
that it has set a record date of February 27, 2012 for a possible rights
offering to its shareholders. If the rights offering is pursued, the
Company will distribute to its shareholders of record as of the close of
business on February 27, 2012 non-transferrable subscription rights to
purchase a to-be-determined amount, or number of shares, of its Class A
Common Stock.
As previously disclosed, the Company entered into a stock purchase
agreement with BB&T Corporation ("BB&T") which provides for the sale to
BB&T of BankAtlantic, the Company's banking subsidiary, which is
currently anticipated to close in the first or second quarter of the
year. As the sale remains subject to a number of closing conditions,
including the resolution of certain previously disclosed pending
litigation, the Company's Board of Directors determined, in an abundance
of caution, to set a record date for a possible rights offering which
the Company may pursue if it determines that it is likely that the sale
will not be consummated by April 2, 2012 and if it is determined that
BankAtlantic may require additional capital in order to continue to meet
its capital requirements at that date. The purpose of the possible
rights offering would be to generate funds for the Company's support of
the capital position of BankAtlantic. As previously reported,
BankAtlantic is required to maintain a Tier 1/Core capital ratio of 8%
and a Total Risk-based capital ratio of 14%. Although the year-end audit
has not yet been finalized, BankAtlantic believes that these higher
capital requirements were met at December 31, 2011.
If the rights offering is pursued, offering materials, including a
prospectus supplement (and accompanying base prospectus) and other items
necessary to exercise the subscription rights, will be mailed to
eligible shareholders and will be available by contacting Georgeson Inc.
Georgeson Inc. has been retained as Information Agent on the rights
offering. Investor inquiries can be directed to Georgeson at their
toll-free number: 888-613-3524. Banks and brokers should call Georgeson
at 212-440-9800.
The offering materials will contain important information, and
shareholders will be urged to read the materials carefully.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of the securities, in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
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.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
To receive future BankAtlantic Bancorp news releases or announcements
directly via Email, please click on the Email Broadcast Sign Up button
on our website: www.BankAtlanticBancorp.com.
Matters discussed in this press release contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 that involve
substantial risks and uncertainties, including, but not limited to: the
risks relating to the proposed sale of BankAtlantic to BB&T, including
those relating to the pending litigation in the Delaware Chancery Court,
and the risk that such sale may not be consummated on the contemplated
terms, in the contemplated time frame, or at all; the risks relating to
the possible rights offering, including that the Company may decide not
to pursue the rights offering and the uncertainty regarding the amount
of funds that the Company is able to raise in the rights offering if
pursued; and the risk that BankAtlantic may not meet its required
capital ratios. In addition to the risks and uncertainties identified
above, reference is also made to other risks and uncertainties detailed
in reports filed by the Company with the Securities and Exchange
Commission, including, without limitation, those described in the "Risk
Factors" sections of those filings. The Company cautions that the
foregoing risks and uncertainties are not exclusive.
BankAtlantic Bancorp:
Leo
Hinkley, 954-940-5300
Investor and Media Relations Officer
InvestorRelations@BankAtlanticBancorp.com
or
BankAtlantic:
Media
Relations:
Sharon Lyn, 954-940-6383
Vice President
Fax:
954-940-5320
CorpComm@BankAtlanticBancorp.com
© Business Wire 2012
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