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BANKATLANTIC ESTIMATES SECOND QUARTER PROFIT OF $2.7 MILLION -- A 300 PERCENT INCREASE -- AND DECLARES A 15 PERCENT STOCK DIVIDEND

 FORT LAUDERDALE, Fla., May 25 /PRNewswire/ -- At its annual meeting of shareholders held today, BankAtlantic (NASDAQ-NMS: ASAL) announced that it has declared a 15 percent stock dividend on its common stock, payable on June 21, 1993 to stockholders of record on June 7, 1993. "We are very pleased with the underlying strength of BankAtlantic's performance, and we're delighted to provide this common stock dividend to our shareholders," commented BankAtlantic Chairman Alan B. Levan.
 The company's common stock is traded on the NASDAQ national market system under the ticker symbol ASAL. There are currently 4,071,481 BankAtlantic common shares outstanding.
 Levan also announced that BankAtlantic is expected to generate earnings of approximately $2.7 million for the three months ending June 30, 1993, or $0.47 and $0.38 primary and fully diluted earnings per common and common equivalent share, respectively, for the period. This represents approximately a 300 percent increase over the comparable quarter in 1992, when BankAtlantic reported net income of $908,000, or $0.15 and $0.13 primary and fully diluted earnings per common and common share equivalent, respectively. The above primary and fully diluted earnings per common and common equivalent shares have been adjusted to reflect the 15 percent common stock dividend to be paid in June 1993.
 BankAtlantic reported record net income of $16.05 million, including a $756,000 extraordinary item, for the year ended Dec. 31, 1992. For the quarter ended March 31, 1993, net income was $3.03 million, compared to net income of $808,000 for the comparable period in 1992. "Notably, all income in the six month period ending June 30, 1993, will be generated from core banking activities -- and not from extraordinary gains," Levan told shareholders attending today's annual meeting in Fort Lauderdale, Fla.
 "While BankAtlantic and other financial institutions are benefiting from today's low interest rate environment, BankAtlantic has taken steps to implement long-term strategies which can better insulate it from fluctuations in interest rates. These steps include achieving a more favorable mix between transaction accounts and time deposits, and developing and servicing a commercial lending niche that caters to small to mid-sized South Florida companies and businesses," Levan commented.
 BankAtlantic is currently marking its 41st year of providing quality banking services to residents, visitors and businesses in South Florida. With $1.30 billion in assets and 31 full service banking offices in Broward, Palm Beach and Dade Counties, BankAtlantic is the largest independent, community-based financial institution serving South Florida exclusively.
 -0- 5/25/93
 /CONTACT: David Finkelman of BankAtlantic, A Federal Savings Bank, 305-760-5317/
 (ASAL)


CO: BankAtlantic, A Federal Savings Bank ST: Florida IN: FIN SU: ERP DIV

AW-JB -- FL008 -- 2189 05/25/93 13:01 EDT
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Publication:PR Newswire
Date:May 25, 1993
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