BankAtlantic Bancorp (BBX) Decides To Halt Dividend
BankAtlantic Bancorp (NYSE: BBX) announced that it has elected to defer regularly scheduled interest payments on the Company's outstanding $294.2 million of junior subordinated debentures relating to its outstanding trust preferred securities. The terms of the Securities and the trust documents allow the Company to defer payments of interest for up to 20 consecutive quarterly periods without default or penalty. During the deferral period, the respective trusts will likewise suspend the declaration and payment of dividends on the trust preferred securities.
"In light of the current challenging economic environment, the Company has elected to exercise its right to defer payments of interest on its trust preferred junior subordinated debt," said Alan B. Levan, Chairman and Chief Executive Officer of the Company. "This deferral election, an option that was an important factor in our initial decision to issue these Securities, will allow the Company to preserve liquidity in this environment. Of course, we can end the deferral at any time at our election," concluded Mr. Levan.
During the deferral period, the Company will not pay dividends on or repurchase its common stock.
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BankAtlantic Bancorp is a bank holding company and the parent company of BankAtlantic.
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