Exhibit 99.1
BankAtlantic Bancorp Receives Regulatory Approval For The
Acquisition of Community Savings Bankshares, Inc.
FORT LAUDERDALE, FL, March 5, 2002, BankAtlantic Bancorp (NYSE: BBX),
the parent company of BankAtlantic, and Community Savings Bankshares, Inc.
(NASDAQ: CMSV), the parent company of Community Savings, F.A., announced today
that they had received Office of Thrift Supervision approval of BankAtlantic
Bancorp's acquisition of Community Savings Bankshares, Inc.
The acquisition of Community Savings Bankshares, Inc. and the merger of
Community Savings, F.A. into BankAtlantic is currently expected to be completed
before the end of this month. Community shareholders will receive $19.00 per
share in cash in the transaction for an aggregate purchase price of
approximately $170 million. Upon completion of the merger, BankAtlantic will
be one of the largest financial institutions headquartered in Florida with
approximately $5.7 billion in assets and $3.1 billion in deposits.
"Having now received regulatory approval, we look forward to consummation
of the transaction," stated Alan B. Levan, Chairman of the Board and Chief
Executive Officer of BankAtlantic. "We are confident that this merger will
enable us to provide an enhanced range of community banking services to both
BankAtlantic's and Community's customers and markets."
James B. Pittard, Jr., President and Chief Executive Officer of Community
Savings, stated, "The merger of Community Savings and BankAtlantic is an
ideal fit. It's a winning combination that will provide our customers with
an expanded offering of competitive products and services, a far greater
selection of convenient banking centers, a much broader ATM network and a
very extensive online banking service."
ABOUT BANKATLANTIC BANCORP:
BANKATLANTIC BANCORP (NYSE: BBX) is a diversified financial services holding
company and the parent company of BankAtlantic, Levitt LLC, and Ryan, Beck &
Co., LLC. Through its subsidiaries, BankAtlantic Bancorp provides a full line
of products and services encompassing consumer and commercial lending,
brokerage and investment banking, and real estate development.
BANKATLANTIC, "Florida's Most Convenient Bank", is one of the largest
financial institutions headquartered in Florida and 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.
LEVITT LLC 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 oversees operations at
the St. Lucie West development, and is involved in developing new master-
planned communities in Florida. ST. LUCIE WEST has been the fastest growing
community on Florida's Treasure Coast for the last 7 years. LEVITT
COMMERCIAL specializes in development, re-development, and joint venture
opportunities in industrial and retail properties.
RYAN, BECK & CO., LLC, engages in underwriting, market making, distribution,
and trading of equity and debt securities, money management and general
securities brokerage, as well as consulting, research and financial advisory
services to financial institutions and middle market companies.
FOR FURTHER INFORMATION, PLEASE VISIT OUR WEBSITES:
www.BankAtlantic.com www.LevittandSons.com
www.CoreCommunities.com www.StLucieWest.com
www.LevittCommercial.com www.RyanBeck.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
PUBIC RELATIONS FOR BANKATLANTIC: Boardroom Communications, Tel: (954)
370-8999, Fran Schwartz, fschwartz@boardroompr.com, Alison Steinberg,
alison@boardroompr.com
ABOUT COMMUNITY SAVINGS BANKSHARES, INC.:
Community Savings Bankshares, Inc. (NASDAQ: CMSV), the parent holding company
for Community Savings, F.A., has been part of south Florida since 1955,
serving northern Palm Beach, Martin, St. Lucie and Indian River counties. Its
well-situated branch network stretches from Lake Worth in central Palm Beach
County, north to Vero Beach in Indian River County. Community Savings
provides a wide variety of residential and consumer loan programs, short and
long term savings products, checking accounts, safe deposit boxes, ATMs, and
a host of other products and services. For further information, please visit
www.communitysavings.com.
COMMUNITY SAVINGS BANKSHARES, INC. CONTACT INFO:
Investor Relations:
(561) 881-2212, Fax: (561) 881-4920,
Email: bankshares@communitysavings.com
James B. Pittard, Jr., President and Chief Executive Officer
Larry J. Baker, CPA, Senior Vice President and Chief Financial Officer
Donna L. Sheppard, CPA, Senior Vice President and Controller
Shareholder Relations: Deborah M. Rousseau, Senior Vice President and Secretary
* If you would like to receive future BankAtlantic Bancorp news releases or
announcements directly via email, please access the e-News banner on the
Investor Relations page at www.BankAtlantic.com
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This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act"),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), that involve substantial risks and uncertainties. When used
in this press release, the words "anticipate", "believe", "estimate", "may",
"intend", "expect" and similar expressions identify certain of such forward-
looking statements. Actual results, performance or achievements could differ
materially from those contemplated, expressed or implied by the forward-
looking statements contained herein. These forward-looking statements are
based largely on the expectations of BankAtlantic Bancorp, Inc. ("the Company")
and are subject to a number of risks and uncertainties that are subject to
change based on factors which are, in many instances, beyond the Company's
control, including but not limited to, the risk that the pending acquisition
of Community Savings Bankshares, Inc. will not be consummated and the risk
that, if consummated, the transaction will cost more, take longer, or be less
advantageous than expected, and other risks and factors detailed in reports
filed by the Company with the Securities and Exchange Commission ("SEC").