BankAtlantic Bancorp to Redeem $43.65 Million
Of Trust Preferred Securities
FORT LAUDERDALE, FL, October 10, 2002 - BankAtlantic Bancorp, Inc.
(NYSE:BBX), parent company of BankAtlantic, Levitt Companies, and Ryan Beck &
Co., announced today that $43.65 million of its 9.5% Cumulative Trust Preferred
Securities (NASDAQ: BANCP) will be redeemed effective November 12, 2002, at a
redemption price of $25 per security plus accrued and unpaid distributions
through the redemption date. Approximately $74.5 million of the 9.5% Trust
Preferred Securities are currently outstanding. The redemption was funded
primarily with proceeds received from the recently announced issuance of $35
million of Trust Preferred Securities at a floating rate equal to the
three-month LIBOR plus 340 basis points (currently 5.2%). Wilmington Trust
Company, property trustee of the issue, will select the Trust Preferred
Securities to be redeemed, and notify the holders of those securities of the
redemption. Any questions should be directed to the trustee at: Wilmington Trust
Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890 Attention: Corporate Trust Administrator.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic, Levitt Companies, 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, and real estate development. BankAtlantic
Bancorp is one of the largest financial institutions headquartered in the State
of Florida.
BankAtlantic, "Florida's Most Convenient Bank", 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.
Seven-Day Branch Banking- Monday through Sunday. Saturday branch lobby
hours are 8:30 A.M. - 3:00 P.M., and drive-thru hours are 7:30 A.M. - 6:00 P.M.
Sunday branch lobby hours are 11:00 A.M. - 4:00 P.M., and drive-thru hours are
11:00 A.M. - 4:00 P.M.
Extended branch lobby hours are 8:30 A.M. - 5:00 P.M., Monday through
Wednesday, and 8:30 A.M. - 8:00 P.M., Thursday and Friday. Extended drive-thru
hours are 7:30 A.M. - 8:00 P.M., Monday through Wednesday, and 7:30 A.M. - 8:00
P.M., Thursday and Friday.
Levitt Companies is the parent company of Levitt and Sons and Core Communities.
Levitt and Sons, America's oldest homebuilder and first to build planned
suburban communities, currently develops single-family homes in its active adult
residential developments throughout Florida.
Core Communities develops master-planned communities in Florida, including
its original and best known, St. Lucie West - a 4,600-acre community with 4,000
built and occupied homes, 150 businesses employing 5,000 people and a university
campus. New master-planned developments include Westchester, now under
development on Florida's Treasure Coast in St. Lucie County, featuring 5,600
residences, a commercial town center and a world-class corporate park.
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 in the financial institutions,
energy, healthcare, technology, and consumer product industries. Ryan Beck & Co.
recently acquired certain assets and related entities from Gruntal & Co., LLC,
including the acquisition of The GMS Group, LLC. The combined firm now has in
excess of 600 retail account executives located in offices nationwide.
For further information, please visit our websites:
www.BankAtlantic.com
www.LevittandSons.com www.CoreCommunities.com www.LevittCommercial.com
www.RyanBeck.com www.Cumber.com www.GMSgroup.com
* To receive future news releases or announcements directly via email,
please access the e-News banner on the Investor Relations page at
www.BankAtlantic.com.
BankAtlantic Bancorp Contact Info:
Investor Relations: Leo Hinkley, Tel: (954) 760-5317, Fax: (954) 760-5415,
or InvestorRelations@BankAtlantic.com. Corporate Communications: Sharon Lyn,
Tel: (954) 760-5402 or CorpComm@BankAtlantic.com. Public Relations for
BankAtlantic: Boardroom Communications, Tel: (954) 370-8999, Alison Steinberg:
alison@boardroompr.com.
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