FORT LAUDERDALE, Fla. -- BankAtlantic said the offering circular for the sale of 1.8 million of its common shares at $13.50 a share was declared effective by the Office of Thrift Supervision.
As reported, the company is selling 400,000 shares while its controlling shareholder, BFC Financial Corp., is selling 1.4 million.
BankAtlantic said the offering is being lead managed by Bear, Stearns & Co., while First Equity Corp. of Florida is co-manager.
The company said the $4,626,000 in estimated net proceeds from the sale will be used for working capital, capital expenditures, and other general corporate purposes, including potential acquisitions if appropriate.
BFC Financial Corp. intends to use its estimated net proceeds of $17,716,000 to reduce corporate obligations.