BankAtlantic Bancorp (BBX) Clarifies Erroneous Information Mentioned in Ladenburg Thalmann Analyst Report; Says Co. is 'Well Capitalized'

July 14, 2008 4:59 PM EDT

BankAtlantic Bancorp, Inc. (NYSE: BBX), today announced that an analyst report issued by Richard Bove at Ladenburg Thalmann on July 13, 2008, entitled "Who Is Next," erroneously included Florida's BFC Financial Corp. In fact, BFC Financial Corp is not a bank, it does not take deposits nor, as a regular part of its business, does it extend credit. Its connection to banking is that it owns stock in BankAtlantic Bancorp which in turn owns stock in BankAtlantic.

BankAtlantic, which was not included in the report, is a "well capitalized" institution under all regulatory standards. Its total risk based capital ratio is 11.83%, even exceeding the 10% "well capitalized" standard for that capital ratio. Similarly, its Tier 1 risk based capital ratio is 10.04%, exceeding the "well capitalized" 6% standard for that capital ratio. Its tangible capital ratio, at 6.87%, exceeds the "well capitalized" 1.5% standard for that capital ratio. Its core capital, at 6.87%, exceeds the "well capitalized" 5% standard for that capital ratio.

BankAtlantic Bancorp, Inc. operates as the holding company for BankAtlantic that provides retail and commercial banking services in Florida.

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