BankAtlantic Bancorp, Inc. (NYSE: BBX) (the “Company”) announced today that it has been notified by the New York Stock Exchange (the “NYSE”) that it is currently below the continued listing criteria established by the NYSE because, as of October 14, 2011, the Company's total market capitalization for the preceding 30 trading-day period was $48.9 million, slightly less than the $50 million requirement for listed companies with shareholders' equity of less than $50 million, such as the Company. The NYSE’s market capitalization and equity requirements are based on the Company’s publicly traded stock at the holding company level.
At June 30, 2011, BankAtlantic, the Company’s banking subsidiary, had shareholders’ equity of $321.5 million and its capital ratios satisfied all regulatory requirements with a Tier 1/Core capital ratio of 8.24% and a Total Risk-Based capital ratio of 14.98%. It is anticipated that BankAtlantic’s capital ratios as of September 30, 2011 will be slightly higher than the June 30, 2011 ratios and in excess of all regulatory capital requirements applicable to it.
In accordance with NYSE procedures, the Company has 45 days from the receipt of the notice to submit a plan to the NYSE demonstrating how it intends to comply with the NYSE's continued listing standards within 18 months. The Company plans to notify the NYSE that it anticipates that this deficiency will be cured and intends to respond with a plan to bring the Company in compliance with the listing standards within the required time frame.
About BankAtlantic Bancorp: BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.For further information, please visit our website: www.BankAtlanticBancorp.com To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com . 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. 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 the Company and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. These include, but are not limited to, risks and uncertainties associated with the Company’s ability to regain and maintain compliance with the continued listing standards of the NYSE and for the Company’s Class A Common Stock to continue to be listed on the NYSE, and the risks and uncertainties related to BankAtlantic’s future capital ratios. 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, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011. The Company cautions that the foregoing risks and factors are not exclusive.
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