Printer Friendly


 FORT LAUDERDALE, Fla., Sept. 2 /PRNewswire/ -- BankAtlantic (NASDAQ-NMS: ASAL) today announced that it has filed an offering circular with the Office of Thrift Supervision. Pursuant to the offering circular, 400,000 new shares of BankAtlantic common stock will be offered directly by BankAtlantic and 1,400,000 shares of BankAtlantic common stock will be offered by BankAtlantic's controlling shareholder, BFC Financial Corporation ("BFC") of Coral Gables, Fla. Bear, Stearns & Co., Inc. will be the lead underwriter of the offering and First Equity Corporation of Florida will be co-manager of the offering.
 BFC now owns 4,520,720 shares or approximately 77.83 percent of BankAtlantic's outstanding common stock. Currently, there are 5,808,605 BankAtlantic common shares outstanding. Assuming an offering is completed as indicated above, 6,208,605 BankAtlantic common shares would be outstanding and BFC's ownership of BankAtlantic common shares would be reduced to 50.3 percent, or 3,120,270 common shares.
 BankAtlantic intends to use the net proceeds it receives from the offering for BankAtlantic's working capital, capital expenditures and other general corporate purposes, including its lending and other investment activities and, if appropriate, potential acquisitions. BFC intends to use the net proceeds it receives from the offering to attempt to satisfy or reduce its corporate obligations.
 "Many shareholders have requested that the liquidity of the market for BankAtlantic common stock be increased by BFC reducing its ownership of BankAtlantic common stock. After the offering is completed, potential liquidity in BankAtlantic common stock will have increased by over 100 percent," commented BankAtlantic chairman and chief executive officer Alan B. Levan. Levan also holds the posts of chairman and chief executive officer at BFC.
 The offering circular has not yet become effective. The 1,800,000 shares of BankAtlantic common stock described in the offering circular may not be sold nor may offers to buy be accepted prior to the time the offering circular becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 9/2/93
 /CONTACT: David Finkelman of BankAtlantic corporate communications dept., 305-760-5317/

CO: BankAtlantic ST: Florida IN: FIN SU:

AW-SS -- FL008 -- 8458 09/02/93 13:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 2, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters