BankAtlantic Bancorp to Proceed with Reverse Split, Defers Rights Offering

  
    
  
  
    
      BankAtlantic Bancorp, Inc. (NYSE:BBX) today announced that it has 
      decided to defer its previously announced rights offering at this time 
      and to make a decision as to whether to move forward with an offering 
      after it effects a one-for-five reverse stock split.
    
    
      BankAtlantic Bancorp’s Chairman and Chief 
      Executive Officer, Alan B. Levan, commented, “As 
      we previously announced, BankAtlantic’s 
      internal capital projections indicate that the Bank will continue to 
      maintain well capitalized ratios without raising additional capital even 
      if it is necessary to absorb additional charge-offs. After the reverse 
      stock split is effected, we will make a decision as to whether to 
      proceed with an offering after again reviewing our capital forecasts and 
      market conditions. If a decision is made to move forward, an 
      announcement will be made regarding the updated rights offering price, 
      record date and other terms of the offering.”
    
    
      We anticipate that the contemplated reverse stock split will be effected 
      during the third quarter.
    
    
      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", 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
        
      
    
    
      Matters discussed in this press release contain forward-looking 
      statements within the meaning of Section 27A of the Securities Act of 
      1933, as amended, and Section 21E of the Securities Exchange Act of 
      1934, as amended, that involve substantial risks and uncertainties, 
      including, but not limited to, the risk that BankAtlantic may not be 
      able to maintain its well capitalized status without raising additional 
      capital; and the possibility that the reverse stock split will not be 
      effected in the timeframe anticipated, on the contemplated terms, or at 
      all. In addition to the risks and uncertainties identified above, 
      reference is also made to other risks and uncertainties detailed in the 
      reports filed by BankAtlantic Bancorp with the Securities and Exchange 
      Commission. BankAtlantic Bancorp cautions that the foregoing risks and 
      uncertainties are not exclusive.