BankAtlantic Bancorp Closes On 900,000 Share Underwriters' Over-Allotment Option.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 27, 2001

BankAtlantic Bancorp, Inc. (NYSE:BBX), the parent company of BankAtlantic, Levitt Corporation and Ryan, Beck & Co., announced today that it has completed the sale of an additional 900,000 shares of Class A Common Stock to the underwriters of its previously completed 6 million share public offering pursuant to the exercise of the underwriters' over-allotment option. With the net proceeds of approximately $7 million from the sale of these additional shares, the offering raised total net proceeds of approximately $53.4 million after underwriting discounts and commissions and expenses. The net proceeds will be used to contribute to the capital of its subsidiary, BankAtlantic, to finance a portion of the purchase price of its proposed acquisition of Community Savings Bankshares, Inc. and for general corporate purposes.

About BankAtlantic Bancorp:

BankAtlantic Bancorp (NYSE:BBX) is a diversified financial services holding company and the parent company of BankAtlantic, Levitt Corporation and Ryan, Beck & Co. Through its 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 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 Corporation includes 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, FL development, and develops new master planned community environments in Florida and throughout the southeastern U.S. Master planned community; St. Lucie West has been ranked as the fastest growing community on Florida's Treasure Coast for the last seven consecutive years.

Levitt Commercial specializes in development, re-development, and joint venture opportunities in industrial, office and retail properties. Ryan, Beck & Co. 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:

BankAtlantic: http://www.BankAtlantic.com
Levitt and Sons: http://www.LevittandSons.com
Core Communities: http://www.CoreCommunities.com
St. Lucie West: http://www.StLucieWest.com
Levitt Commercial: http://www.LevittCommercial.com
Ryan, Beck and Co.: http://www.RyanBeck.com

-- If you would like to receive future news releases or announcements directly via email, please access the e-News banner on the Investor Relations page at http://www.BankAtlantic.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains statements about future events and/or expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed a forward-looking statement. Forward-looking statements are based largely on the expectations of BankAtlantic Bancorp, Inc., and are subject to a number of risks and uncertainties, including but not limited to, the risks and uncertainties associated with: the impact and effects of leverage, economic, competitive and other factors affecting the Company and its operations, including that the acquisition of Community Savings Bankshares may not be completed as expected, and other factors discussed in reports filed by the Company with the Securities and Exchange Commission ("SEC").