BankAtlantic Bancorp, Inc. Announces Effectiveness of Reverse Stock Split

  
    
  
  
    
      BankAtlantic Bancorp, Inc. (NYSE:BBX) announced today that its 
      previously announced one-for-five reverse split of its common stock was 
      effected as of the close of business today, September 26, 2008. 
      BankAtlantic Bancorp effected the reverse stock split by filing Articles 
      of Amendment to its Articles of Incorporation with the Florida 
      Department of State.
    
    
      As a result of the reverse stock split, each five shares of BankAtlantic 
      Bancorp’s Class A Common Stock outstanding as 
      of the close of business automatically converted into one share of Class 
      A Common Stock, and each five shares of BankAtlantic Bancorp’s 
      Class B Common Stock outstanding as of the close of business 
      automatically converted into one share of Class B Common Stock. No 
      fractional shares will be issued in connection with the reverse stock 
      split. Instead, any fractional share resulting from the reverse stock 
      split will be rounded up to the next largest whole share. BankAtlantic 
      Bancorp’s Class A Common Stock will begin 
      trading on the New York Stock Exchange on a split-adjusted basis upon 
      the opening of the market on Monday, September 29, 2008, and will 
      continue to be traded under its current ticker symbol, “BBX.”
    
    
      The reverse stock split reduced the number of outstanding shares of 
      BankAtlantic Bancorp’s Class A Common Stock 
      from 51,410,037 to approximately 10,282,008 (subject to rounding up of 
      fractional shares) and the number of outstanding shares of BankAtlantic 
      Bancorp’s Class B Common Stock from 4,876,124 
      to 975,225. In addition, the number of authorized shares of BankAtlantic 
      Bancorp’s common stock, the number of shares 
      of Class A Common Stock available for issuance under BankAtlantic Bancorp’s 
      equity compensation plans and the number of shares of Class A Common 
      Stock underlying stock options and other exercisable or convertible 
      instruments were also ratably decreased in connection with the reverse 
      stock split.
    
    
      The reverse stock split has no impact on shareholders’ 
      proportionate equity interests or voting rights in BankAtlantic Bancorp 
      or the par value of BankAtlantic Bancorp’s 
      Class A Common Stock or Class B Common Stock, which in each case will 
      remain unchanged at $0.01 per share. However, following the reverse 
      stock split, the CUSIP number of BankAtlantic Bancorp’s 
      Class A Common Stock is now 065908600.
    
    
      American Stock Transfer and Trust Company, transfer agent for 
      BankAtlantic Bancorp’s Class A Common Stock 
      and exchange agent for the reverse stock split, will promptly send 
      registered shareholders a letter of transmittal with instructions for 
      the exchange of stock certificates. Shareholders who hold shares in 
      brokerage accounts will be contacted by their brokers with instructions. 
      Shareholders should not destroy any stock certificates and should not 
      submit any certificates for exchange until requested to do so.
    
    
      About BankAtlantic Bancorp:
    
    
      BankAtlantic Bancorp (NYSE:BBX) is a financial services holding company 
      and the parent company of BankAtlantic.
    
    
      About BankAtlantic:
    
    
      BankAtlantic, "Florida's Most Convenient Bank", with over $6 billion in 
      assets and more than 100 stores is one of the largest financial 
      institutions headquartered in Florida. BankAtlantic provides a full line 
      of products and services encompassing consumer and commercial banking. 
      BankAtlantic is open 7 days a week and offers holiday hours, extended 
      weekday hours, Totally Free Online Banking & Bill Pay, a 7-Day Customer 
      Service Center, Totally Free Change Exchange coin counters and free 
      retail and business checking with a free gift. BankAtlantic has been 
      serving communities throughout Florida since 1952 and currently operates 
      more than 250 conveniently located ATMs. The bank has supported 
      thousands of charitable, civic and professional organizations since the 
      inception of the BankAtlantic Foundation in 1994.
    
    
      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.
    
    
      
        
          
            BankAtlantic Bancorp Contact 
            Info:
          
        
      
      
        
          Donna Rouzeau,
        
      
      
        
          
            Assistant Vice President, Investor Relations
          
          
            & Corporate Communications
          
        
      
      
        
          
            Email: [e-mail]
          
        
      
      
        
          Leo Hinkley,
        
      
      
        
          Senior Vice President, Investor Relations Officer
        
      
      
        
          
            Email: [e-mail]
          
        
      
      
        
          Phone: [phone], Fax: [phone]
        
      
      
        
          Mailing Address: BankAtlantic Bancorp, Investor Relations
        
      
      
        
          2100 West Cypress Creek Road, Fort Lauderdale, FL 33309