BankAtlantic Reports Continued Growth in Low Cost Deposit Accounts For Third Quarter, 2006.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. -- BankAtlantic BankAtlantic, a subsidiary of BankAtlantic Bancorp, Inc. [NYSE: BBX] and based in Fort Lauderdale, Florida, is a company that provides consumer and commercial banking services in south Florida. , "Florida's Most Convenient Bank," reported today that it opened nearly 62,000 and 197,000 new low cost deposit accounts in the third quarter of 2006 and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. 2006, respectively, an increase of 21% and 27% over the number of accounts opened in the corresponding 2005 periods. At quarter end, "total bank" and "same store" low cost deposit balances increased 5.5% and 5.3%, respectively, versus the third quarter 2005, representing an increase of $110 million in low cost deposit balances. As noted in earlier quarters, growth in balances in new low cost accounts remains very strong, but declines in legacy balances, due to higher interest rates and other factors, hampers growth in net aggregate balances. Demand deposits declined slightly to 27.5% of total deposits from 29.2% in the prior quarter. Year-over-year, low cost deposit balances rose to 57.3% of total deposits, up from 54% in the third quarter of 2005. "These new low cost deposit accounts have generated close to $443 million in new balances to BankAtlantic this year," commented Alan A`lan´ n. 1. A wolfhound. B. Levan levan Dentistry A fructose homopolymer linked by β-2,6 bonds, formed by the partial digestion of sucrose by Bacillus and Streptococcus spp, which is a component of dental plaque representing the first biochemical event in cariogenesis. , BankAtlantic's Chairman and Chief Executive Officer. "Although the 'seasonality' tendency of the third quarter of each year presents a potentially challenging environment, we are very encouraged with our continued momentum and growth in new low cost deposit accounts." To view accompanying graphs, please visit our website at www.BankAtlanticBancorp.com, access the "Investor Relations Investor relations The process by which the corporation communicates with its investors. " section and click on the "Quarterly Financials" navigation link, then "Third Quarter, 2006 Graphs," or access the "Press Room" section and click on the "Charts and Graphs" navigation link. About BankAtlantic Bancorp: BankAtlantic Bancorp (NYSE NYSE See: New York Stock Exchange :BBX BBX Business Basic Extended BBX Business Barter Exchange BBX Blue Bell, Pennsylvania (Airport Code) BBX Blockbuster Express (UK video store) ) is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services holding company and the parent company of BankAtlantic 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. About BankAtlantic: 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 stores and its online banking division - BankAtlantic.com. BankAtlantic has over 80 stores and operates more than 250 conveniently located ATMs. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, including several stores open until midnight, Totally Free Online Banking & Bill Pay, 24/7 Customer Service Center, Totally Free Change Exchange coin counters and free retail and business checking with a free gift. About Ryan Beck & Co.: Founded in 1946, Ryan Beck & Co., Inc. provides financial advice and innovative solutions to individuals, institutions and corporate clients through the activities of approximately 1,100 employees in 43 offices located in 14 states. For individual investors, the firm's Private Client Group provides a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including investment consulting, retirement plans, insurance and investment advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . Institutional clients benefit from the market making, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and distribution activities of the firm's experienced Capital Markets Group, which encompasses equity and fixed income trading and institutional sales as well as research. Through its Investment Banking Groups, Ryan Beck raises capital and provides financial advisory services to financial institutions, middle market companies and municipalities. For further information, please visit our websites: www.BankAtlanticBancorp.com www.BankAtlantic.com www.RyanBeck.com -- To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com. BankAtlantic, "Florida's Most Convenient Bank," Contact Info: Public Relations: Hattie Hess, Vice President, Public Relations Telephone: 954-940-6383, Fax: 954-940-6310 Email: hhess@BankAtlantic.com Public Relations for BankAtlantic: Boardroom Communications Caren Berg Phone: 954-370-8999, Fax: 954-370-8892 Email: caren@boardroompr.com BankAtlantic Bancorp Contact Info: Donna Rouzeau, Assistant Vice President, Investor Relations & Corporate Communications Email: CorpComm@BankAtlanticBancorp.com Leo Hinkley, Senior Vice President, Investor Relations Email: InvestorRelations@BankAtlanticBancorp.com Phone: 954-940-5300, Fax: 954-940-5320 Mailing Address: BankAtlantic Bancorp, Investor Relations 2100 West Cypress Creek Road, Fort Lauderdale, FL 33309 Matters discussed in this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. When used in this release, the word "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. Future performance, including continued growth of new accounts, core deposits, and the success and profitability of seven-day banking and other growth initiatives, is subject to a number of risks and uncertainties, which are, in many instances, beyond the Company's control. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion