FORT LAUDERDALE, Fla., July 14, 2011 (GLOBE NEWSWIRE) -- BankAtlantic Bancorp, Inc. (NYSE:BBX) (the "Company") announced today that Judge Ursula Ungaro has granted final approval of the settlement that was reached in the shareholder derivative action that was filed against certain of the Company's directors and executive officers in the United States District Court for the Southern District of Florida (Hugo vs. BankAtlantic Bancorp, et al.). Pursuant to the terms of the settlement agreement, the parties have exchanged releases and neither the individual defendants nor the Company will make any monetary payments.
BankAtlantic Bancorp's Chairman and Chief Executive Officer, Alan B. Levan, commented, "We are pleased to put one more obstacle behind us. One by one, we will continue to seek to address and resolve the claims asserted by what I believe to be Monday morning quarterbacks, who have had little appreciation for the challenges every financial institution faces in this market. We are extremely fortunate to have loyal customers and a marvelous banking franchise and are proud that we have been able to continue to serve our customers while much of the banking system labors under the enormous stress of the times."
BankAtlantic Bancorp (NYSE:BBX) is a bank holding company and the parent company of BankAtlantic. For further information, please visit: www.BankAtlanticBancorp.com
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 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. For further information, please visit us at www.BankAtlantic.com or a BankAtlantic branch nearest you.
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 BankAtlantic Bancorp, Inc. ("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. In addition to the risks identified above, reference is also made to other risks and uncertainties detailed in reports filed by BankAtlantic Bancorp with the Securities and Exchange Commission, including, without limitation, those described in the "Risk Factors" section of BankAtlantic Bancorp's Annual Report on Form 10-K for the year ended December 31, 2011 and BankAtlantic Bancorp's quarterly report on Form 10-Q for the quarter ended March 31, 2011. BankAtlantic Bancorp cautions that the foregoing risks and uncertainties are not exclusive.