BankAtlantic Bancorp Announces Offering of $50 Million in Trust Preferred Securities.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 28, 2002

BankAtlantic Bancorp, Inc. (NYSE:BBX), today announced that it sold today, for settlement on March 5, 2002, 2,000,000 shares of $25 Trust Preferred Securities in a public offering, with anticipated net proceeds from the offering of approximately $47.8 million. The Trust Preferred Securities pay interest quarterly at the rate of 8.50% per annum, are callable on or after March 31, 2007, and due March 31, 2032.

The Trust Preferred Securities represent an undivided beneficial ownership interest in the assets of BBC Capital Trust II. BankAtlantic Bancorp will be the owner of all of the outstanding common securities of BBC Capital Trust II. BBC Capital Trust II will use the proceeds received from the sale of the Trust Preferred Securities to purchase 8.50% junior subordinated debentures due 2032 issued by BankAtlantic Bancorp.

A portion of the proceeds from the offering will be contributed by BankAtlantic Bancorp to the capital of the Company's subsidiary, BankAtlantic, to finance a portion of the purchase price in conjunction with the pending acquisition of Community Savings Bankshares, Inc. of North Palm Beach, FL. Community is the parent of Community Savings, F.A., a financial institution with approximately $961 million in assets. After completion of the Community acquisition, BankAtlantic will have approximately $5.6 billion in assets and $3.0 billion in deposits, and will be one of the largest banking institutions headquartered in Florida. The acquisition is presently pending regulatory approval, and completion of the acquisition is anticipated by the end of the first quarter, 2002. The balance of the proceeds will be used for general corporate purposes.

The Trust Preferred Securities have been approved for listing on the Nasdaq National Market under the symbol "BBXT." Trading is expected to commence on or prior to the delivery of the Trust Preferred Securities. The Trust Preferred Securities are not bank deposits and are not issued or guaranteed by the FDIC or any other governmental agency.

Ryan, Beck & Co., LLC, a subsidiary of BankAtlantic Bancorp, managed the offering. Advest, Inc., Legg Mason Wood Walker, Incorporated, and Stephens, Inc., acted as co-managers.

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. BankAtlantic is also in the process of completing its pending acquisition of Community Savings Bankshares (Nasdaq:CMSV).

Levitt LLC is the parent company of Levitt and Sons, Levitt Commercial 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 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, a wholly-owned subsidiary of BankAtlantic Bancorp, 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:

http://www.BankAtlantic.com             http://www.LevittandSons.com
http://www.CoreCommunities.com          http://www.StLucieWest.com
http://www.LevittCommercial.com         http://www.RyanBeck.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the trust preferred securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state. This press release contains 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 are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc., and are subject to a number of risks and uncertainties that are subject to change, including that the offering may not be completed as expected. Further, this press release contains forward-looking statements with respect to the pending acquisition and merger of BankAtlantic Bancorp, Inc. and Community Savings Bankshares, Inc., which is subject to risks and uncertainties, including but not limited to, the risk that the transaction will not be consummated, the risk that regulatory approval will not be obtained, and the risk that, if consummated, the transaction will cost more, take longer, or be less advantageous than expected. The above factors are, in many instances, beyond the control of BankAtlantic Bancorp.