BankAtlantic Bancorp (BBX) Defers Previously Announced Rights Offering; Approves Reverse Stock Split

August 12, 2008 8:36 AM EDT

BankAtlantic Bancorp, Inc. (NYSE: BBX) has decided to defer its previously announced rights offering at this time and to make a decision as to whether to move forward with an offering after it effects a one-for-five reverse stock split.

BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “As we previously announced, BankAtlantic’s internal capital projections indicate that the Bank will continue to maintain well capitalized ratios without raising additional capital even if it is necessary to absorb additional charge-offs. After the reverse stock split is effected, we will make a decision as to whether to proceed with an offering after again reviewing our capital forecasts and market conditions. If a decision is made to move forward, an announcement will be made regarding the updated rights offering price, record date and other terms of the offering.”

BBX anticipates that the contemplated reverse stock split will be effected during the third quarter.[SM]

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