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BankAtlantic Bancorp, Inc. (BBX)
BankAtlantic Bancorp Announces Planned Reverse Stock Split
FORT LAUDERDALE, Fla., Sep 27, 2011 (BUSINESS WIRE) -- BankAtlantic Bancorp, Inc. BBX -9.50% announced today that it intends to effect a one-for-five reverse split of its Class A Common Stock and Class B Common Stock.
BankAtlantic Bancorp anticipates the reverse stock split will be effective after the close of trading on Friday, October 14, 2011, and that its Class A Common Stock will begin trading on a split adjusted basis on the New York Stock Exchange (NYSE) at the opening of trading on Monday, October 17, 2011. When the reverse stock split becomes effective, each five shares of BankAtlantic Bancorp's Class A Common Stock outstanding will automatically convert into one share of Class A Common Stock, and each five shares of BankAtlantic Bancorp's Class B Common Stock outstanding will automatically convert into one share of Class B Common Stock. No fractional shares will be issued in connection with the reverse stock split. Instead, any fractional share resulting from the reverse stock split will be rounded up to the next largest whole share. BankAtlantic Bancorp's Class A Common Stock will continue trading on the NYSE under its ticker symbol "BBX".
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