BankAtlantic Announces Sale of Five Orlando Stores to Mercantile Bank
FORT LAUDERDALE, FL, March 11, 2008 – BankAtlantic, a wholly-owned subsidiary of BankAtlantic Bancorp, Inc. (NYSE: BBX), has reached an agreement to sell its five stores in the Orlando market to Mercantile Bank, the Florida banking operations for The South Financial Group (NASDAQ: TSFG). The transaction, which is expected to close in the second quarter of 2008, is subject to receipt of regulatory approval. Financial details of the agreement were not disclosed. The transaction is not expected to have a material financial impact on BankAtlantic’s results. BankAtlantic was represented by Sandler O’Neill and Partners, L.P. in this transaction.
BankAtlantic will continue to operate its Commercial Loan Production Office and Call Center in Orlando.
"While Orlando is a great banking market, now is not the right time for BankAtlantic to pursue a retail franchise in Orlando,” stated Jarett Levan, BankAtlantic’s President and Chief Executive Officer. “The sale will allow us to focus on those markets where we have a greater retail presence.”
About BankAtlantic:
BankAtlantic, "Florida's Most Convenient Bank", with $6 billion in assets and more than 100 stores is one of the largest financial institutions headquartered in Florida. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, Totally Free Online Banking & Bill Pay, a 7-Day Customer Service Center, Totally Free Change Exchange coin counters and free retail and business checking with a free gift. BankAtlantic has been serving communities throughout Florida since 1952 and currently operates more than 250 conveniently located ATMs. The bank has supported thousands of charitable, civic and professional organizations since the inception of the BankAtlantic Foundation in 1994. For further information visit www.BankAtlantic.com
Contacts:
BankAtlantic, "Florida's Most Convenient Bank," Contact Info:
Public Relations:
Hattie Hess, Vice President, Public Relations
Telephone: 954-940-6383, Fax: 954-940-6310
Email: hhess@BankAtlantic.com
BankAtlantic Bancorp Contact Info:
Donna Rouzeau,
Assistant Vice President, Investor Relations & Corporate
Communications
Email: CorpComm@BankAtlanticBancorp.com
Leo Hinkley,
Senior Vice President, Investor Relations Officer
Email: InvestorRelations@BankAtlanticBancorp.com
Phone: (954) 940-5300, Fax: (954) 940-5320
Mailing Address: BankAtlantic Bancorp, Investor Relations
2100 West Cypress Creek Road, Fort Lauderdale, FL 33309
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Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. When used in this press release and in any documents incorporated by reference herein, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BankAtlantic and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond BankAtlantic’s control. These include, but are not limited to, the risk and uncertainty that the transaction described in this press release may not be consummated when expected or at all.
