Exhibit 99.1
BANKATLANTIC BANCORP COMPLETES ISSUANCE OF
$25 MILLION OF TRUST PREFERRED SECURITIES
FORT LAUDERDALE, FL, July 1, 2002 - BankAtlantic Bancorp, Inc.
(NYSE:BBX), parent company of BankAtlantic, Levitt Companies, and Ryan, Beck &
Co., LLC, announced today that it sold $25 million of trust preferred securities
on June 26, 2002. The net proceeds of approximately $24 million will be used for
general corporate purposes, including the previously announced contribution to
the capital of Ryan, Beck & Co. The trust preferred securities pay interest
quarterly at a floating rate equal to 3-month LIBOR plus 345 basis points, with
an initial coupon rate of 5.34%. The securities are redeemable on or after June
26, 2007, and are due June 26, 2032.
The trust preferred securities represent an undivided beneficial
ownership interest in the assets of BBC Capital Statutory Trust III.
BankAtlantic Bancorp is the owner of all of the outstanding common securities of
BBC Capital Statutory Trust III. BBC Capital Statutory Trust III will use the
proceeds received from the sale of the trust preferred securities to purchase
equivalent floating rate junior subordinated debentures due 2032 issued by
BankAtlantic Bancorp.
This sale, part of a larger pooled trust preferred securities offering,
was not registered under the Securities Act of 1933 and, accordingly, the trust
preferred securities may not be sold in the United States absent registration or
an applicable exemption from registration requirements.
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., LLC. 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, "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.
BANKATLANTIC is one of the largest financial institutions headquartered in the
State of Florida.
Seven-Day Branch Banking- Monday through Sunday.
Saturday 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 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 weekday 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, Core Communities and
Levitt Commercial. 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 the area's first world-class corporate park. Live Oak
Preserve is a 1,285-acre master-planned, gated community under development in
the rapidly growing Tampa Bay Region. LEVITT COMMERCIAL specializes in
development, re-development, and joint venture opportunities in industrial and
retail properties. LEVITT COMPANIES recently acquired a 40% ownership interest
in BLUEGREEN CORPORATION (NYSE: BXG), which engages in the acquisition,
development, marketing and sale of drive-to vacation resorts, golf communities
and residential land. The Company's resorts are located in a variety of popular
vacation destinations including Orlando, Florida; the Smoky Mountains of
Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson,
Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale,
Missouri; Surfside, Florida; and Aruba, while its land operations are
predominantly located in the Southeastern and Southwestern United States.
RYAN, BECK & CO., LLC 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. The firm's
money management subsidiary, CUMBERLAND ADVISORS, INC., supervises approximately
$500 million in assets for individuals, institutions, retirement plans,
governmental entities and cash management portfolios. RYAN, BECK & CO. recently
acquired certain assets and related entities from GRUNTAL & CO., LLC, including
the acquisition of GMS Group, LLC. The combined firm now has in excess of 600
retail account executives located in 34 offices nationwide, with nearly $19
billion in client assets.
For further information, please visit our websites:
www.BankAtlantic.com www.RyanBeck.com www.Cumber.com
www.LevittandSons.com www.CoreCommunities.com www.LevittCommercial.com
* Online banking products and services can be accessed directly through
www.BankAtlantic.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 AND MEDIA RELATIONS: 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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