En Español

BankAtlantic Bancorp, Inc. Announces Completion of its Rights Offering And Withdrawal of TARP Application

FORT LAUDERDALE, FL – September 30, 2009 -- BankAtlantic Bancorp (NYSE: BBX) today announced that it had completed its previously announced Rights Offering at 5:00 p.m. on September 29, 2009 and will receive approximately $76 million of proceeds in connection with the exercise of rights by its shareholders. As a result, it will be issuing an aggregate of approximately 38 million shares of its Class A Common Stock to participating shareholders.

Alan B. Levan, BankAtlantic Bancorp’s Chairman and Chief Executive Officer, said “We are pleased with the results of the offering and are grateful to our shareholders for their continued support.”

As previously announced, the proceeds of the Rights Offering will be used for general corporate purposes, including specifically contribution to the capital of, and to support BankAtlantic, its wholly-owned federally-chartered, federally insured savings bank.

BankAtlantic Bancorp and BankAtlantic also reported that they are withdrawing their application to participate in the U.S. Treasury’s Capital Purchase Program.

About BankAtlantic Bancorp (NYSE: BBX): BankAtlantic Bancorp 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.

BankAtlantic Bancorp Contact Info:
Leo Hinkley, Media and Investor Relations Officer
Telephone: (954) 940-5300
Email: InvestorRelations@BankAtlanticBancorp.com

BankAtlantic, Florida’s Most Convenient Bank, Contact Info:
Media Relations:
Sharon Lyn Telephone: 954-940-6383
Fax: 954-940-5320
Email: CorpComm@BankAtlanticBancorp.com

# # #
Matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as

MEMBER FDIC

VeriSign

This BankAtlantic web site may contain links to other web sites operated by third parties. The linked sites are not under the control of BankAtlantic or its affiliates or subsidiaries and BankAtlantic is not responsible for their content. Such links do not imply BankAtlantic's endorsement or guarantee of the products, information, or recommendations provided by any third party site. The third party site may have a privacy policy different from that of BankAtlantic and may provide less security than the BankAtlantic web site. BankAtlantic disclaims all liability with regard to your access to such linked web sites. BankAtlantic provides links to other sites as a service to users, and access to any other sites linked to BankAtlantic is at your own risk.