FORT LAUDERDALE, Fla., July 31, 2012 (GLOBE NEWSWIRE) -- BankAtlantic Bancorp, Inc. (NYSE:BBX) ("BankAtlantic Bancorp" or the "Company") today announced that both the Company and BB&T Corporation have received final regulatory approval necessary to consummate its previously announced transaction with BB&T Corporation (NYSE:BBT) to sell BankAtlantic, the Company's wholly owned bank subsidiary.1
BankAtlantic Bancorp's Chairman and Chief Executive Officer, Alan B. Levan, commented, "We are obviously pleased to move forward toward the closing of the transaction. We anticipate that closing will be by end of day today."
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent company of BankAtlantic.
BankAtlantic, Florida's Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches 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 and offers extended weekday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. Member FDIC.
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1 Reference is made to BankAtlantic Bancorp's Form 8-K filed March 16, 2012 for additional information regarding the transaction.
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. The forward looking statements in this press release are also 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"), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include that the transaction between BB&T and BankAtlantic Bancorp may not be completed in the time frame indicated, on anticipated terms, or at all. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by BankAtlantic Bancorp with the Securities and Exchange Commission, including BankAtlantic Bancorp's Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. BankAtlantic Bancorp cautions that the foregoing factors are not exclusive.
CONTACT: BankAtlantic Bancorp, Inc. Contact Info:
Leo Hinkley: 954-940-5300
Sharon Lyn: 954-940-6383