BankAtlantic Reports Continued Growth in Deposits for the Second Quarter, 2009
BankAtlantic’s core (1) and total deposits reached $2.4 billion and $4.1 billion, respectively, matching record levels
FORT LAUDERDALE, FL, July 23, 2009 – BankAtlantic, “Florida’s Most Convenient Bank,” today reported its core and total deposits matched prior historic, record levels of $2.4 billion and $4.1 billion, respectively, at June 30, 2009.
BankAtlantic’s Chief Executive Officer, Jarett S. Levan, commented, “BankAtlantic’s deposit base continues to be a stable, growing funding source with core and total deposits matching its prior reported peak of deposits in 2007. Core and total deposits grew while maintaining the following strong characteristics:
- “Non-CD balances represented approximately 70% of total deposits;
- “Brokered deposit balances represented only 4.3% of assets.
- “Total bank’ and ‘same store’ low cost deposit balances increased 3.0% and 5.3%, respectively, compared
with the second quarter of 2008, representing an increase of approximately $71 million in new low cost
deposit deposits;
- “The average cost of core deposits and total deposits for the second quarter of 2009 was 0.36% and
1.13%, respectively; and
• “During the second quarter of 2009:
- “Core deposits (Demand, NOW and Savings accounts) increased $86.9 million.
- “Total deposits grew by $1.7 million, as the core deposit growth was partially offset by decreases in brokered
CDs of $45.7 million and decreases in other non-core deposit categories of $39.5 million.
• “Year-to-date 2009:
- “Core deposits increased approximately $274.4 million, representing a 12.7% increase from December 31, 2008.
(1) Core deposits include Demand, Now and Savings accounts.
- “Total deposits increased approximately $128.7 million as the strong growth in core deposits offset net declines
in non-core accounts.
“We are very encouraged with BankAtlantic’s continued deposit growth and positive momentum, and remain ready to serve Florida’s residents and businesses with exceptional local service as we have since 1952,” concluded Jarett Levan.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches, online banking division - BankAtlantic.com , and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week with extended weekday hours, Free Online Banking & Bill Pay, a 7-Day Customer Service Center and Change Exchange coin counters.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
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BankAtlantic Bancorp Contact Info:
Leo Hinkley, Investor Relations Officer
Telephone: (954) 940-5300
Email: InvestorRelations@BankAtlanticBancorp.com
BankAtlantic, “Florida’s Most Convenient Bank,” Contact Info:
Media Relations:
Sharon Lyn, Vice President
Telephone: 954-940-6383, Fax: 954-940-5320
Email: CorpComm@BankAtlanticBancorp.com
Public Relations for BankAtlantic:
Rbb Public Relations
Sandra Fine
Telephone: 305-567-0535, Fax: 305-448-5027
Email: sandra.fine@rbbpr.com
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Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the word “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. Future performance, including continued growth of core and total deposits, is subject to a number of risks and uncertainties, which are, in many instances, beyond the Company's control. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission. The Company cautions that the foregoing factors are not exclusive.
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